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Question
Ray signs a promissory note for $10,000 in favor of State University (SU). The note does not specify the date of its payment. Ray defaults. In SU's suit to collect on the note, the court will most likely rule in favor ofA.Ray, because SU assumed the risk that the note would not be paid.
B.Ray, because the note is not payable at a definite time or on demand.
C.SU, because the note is an unconditional promise to pay the holder.
D.SU, because there is a uniform "default time" for repayment when a date is not specified.
Answer
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