美国CPA模拟习题：商业环境——商业票据（三）

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Under the Negotiable Instruments Article of the UCC, which of the following statements is(are) correct regarding the requirements for an instrument to be negotiable?

I.The instrument must be in writing, be signed by both the drawer and the drawee, and contain an unconditional promise or order to pay.

II.The instrument must state a fixed amount of money, be payable on demand or at a definite time, and be payable to order or to bearer.

a.II only.

b.I only.

c.Neither I nor II.

d.Both I and II.

Explanation

Choice "a" is correct. To be negotiable, the instrument must meet all of the following:

Be in writing

Be signed by the maker or drawer (not drawee)

Contain an unconditional promise or order

Be for a fixed amount of money

Be payable on demand or at a definite time

Be payable to order or bearer

Contain no additional undertaking/instruction not authorized by the UCC

Alternative I is incorrect because there is no requirement that the drawee sign.