Ohio Notary Practice Exam

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What does a Bill of Exchange or Draft represent?

  1. A request for payment on demand or at a fixed date

  2. A legal document transferring property

  3. A notice of late payment

  4. A document outlining the terms of a lease

The correct answer is: A request for payment on demand or at a fixed date

A Bill of Exchange or Draft is a financial document that represents a request for payment either immediately or at a fixed date. It is commonly used as a form of payment for goods or services. Option B is incorrect because a Bill of Exchange or Draft does not transfer property, but rather it is a form of payment. Option C is incorrect because it is not a notice of late payment, but rather a request for payment. Option D is incorrect because a Bill of Exchange or Draft is not related to a lease agreement, but rather a document used for payment transactions.

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