A company which issues a promissory note in lieu of payment for goods purchased

Commerce JAMB 1999

A company which issues a promissory note in lieu of payment for goods purchased

  • can refuse to pay ondue date since it is only a promise
  • is bound to redeem the note for cash on due date checkmark
  • is not bound to renew the note before payment
  • can return the goods purchase and refuse to pay

The correct answer is: B

Explanation

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