Choice "C" is correct.This instrument is a draft because it is a three-party instrument where a drawer (Davis) orders a drawee (Sussex National Bank) to pay a fixed amount in money to the payee (Gold).
Choice "d" is incorrect. A check is a form of a draft which is drawn on a bank and payable on demand. The instrument presented is not payable on demand but is payable on November 1, year 1.
Choice "b" is incorrect. A trade acceptance is a special type of draft in which a seller of goods extends credit to the buyer by drawing a draft on that buyer, directing the buyer to pay a fixed amount in money to the seller on a specified date. The seller is therefore both the drawer and payee in a trade acceptance.
Choice "a" is incorrect. A promissory note is a two-party instrument in which one party promises to pay a fixed amount in money to the payee.