Which of the following satisfies the currency requirement for negotiability in the United States?

A) U) S.dollars only
B) U) S.dollars or English pounds
C) U) S.dollars,English pounds,or euros
D) U) S.dollars,English pounds,euros,or Japanese yen
E) U) S.dollars,English pounds,euros,Japanese yen,or gold

Question

Tyler Halgren · Accepted Answer

Final Answer : D, Explanation :  According to Uniform Commercial Code Section 3-104(a),negotiable instruments must promise or order payment to be made in a national currency.For example,U.S.dollars,English pounds,euros,and Japanese yen all satisfy the currency requirement.Gold is not currency,and although a promise to pay in gold may form a perfectly enforceable contract,the resulting instrument is not a negotiable instrument.

Definitions

Learning Objectives

Learning Objectives

Related questions

Which of the following satisfies the currency requirement for negotiability in the United States?A) U) S.dollars onlyB) U) S.dollars or English poundsC) U) S.dollars,English pounds,or eurosD) U) S.dollars,English pounds,euros,or Japanese yenE) U) S.dollars,English pounds,euros,Japanese yen,or gold

Definitions

Learning Objectives

Learning Objectives

Related questions