An instrument that is otherwise negotiable on its face states "Pay to Jenny Larson." Which of the following statements is(are) correct?
I. It is negotiable if it is a check.
II. It is negotiable if it is a draft drawn on a corporation.
III. It is negotiable if it is a promissory note.
a. I only.
b. I and II only.
c. II and III only.
d. I, II, and III.
Answer: A
CPA Exam
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