Which one of the following statements is false?
A) Commercial drafts represent a way to obtain a credit commitment from a customer before the goods are delivered.
B) When a banker's acceptance is discounted in the secondary market it becomes a commercial note.
C) Sight drafts require immediate payment.
D) Banker's acceptances arise when a bank guarantees payment on a commercial draft.
E) A commercial draft becomes a trade acceptance once the buyer accepts the draft and promises to pay.
B) When a banker's acceptance is discounted in the secondary market it becomes a commercial note.
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