Business - #business Law, Quiz Grade 3

1

The effect of a conditional indorsement on the back of an instrument is the same as the effect of conditional language that appears on its face.

2

Quint signs a check “pay to the order of Rona” drawn on Quint’s account at Suburban Bank. Quint has $400 in his account but the amount of the check is $500, which the bank pays. This is

3

Elmore pays First National Bank $1,000 plus a service fee to draw a check on itself made payable to Go Delivery Service. This is

4

Noah signs Ola’s name to a check without Ola’s authorization. Noah can be held personally liable for payment on the check by

5

Karen writes on a piece of paper, "I owe you $600," signs it, and gives it to Lou. This instrument is

6

Leda deceives Merchant Company into signing a note by telling the firm’s staff accountant Nano that it is not a note but a receipt for a delivery of goods. In light of Nano’s experience and other circumstances, a reasonable review of the instrument would have revealed its nature. Merchant is most likely liable on the note to

7

Lamont and Marcel collaborate to defraud Nina, who is induced to give Marcel a note payable to Marcel’s order. Marcel indorses the note for value to Orson, an HDC. Later, Orson sells the note to Lamont. Under the shelter principle

8

In payment for a shipment of fittings, Retool LLC offers Supply Company a cashier’s check. A cashier’s check functions the same as cash because

9

Kira forges Lew’s name as the drawer of a stolen check, drawn on Metro Bank, and makes the item payable to Kira. Lew is liable to pay the amount to

10

Kobe signs a check “pay to the order of Liu” drawn on Kobe’s account at Main Street Bank. He later orders the bank not to pay the check, but the bank pays it over his order. Subsequent checks written on the account “bounce.” Most likely liable for the costs to Kobe is

11

Jack signs an instrument that states it is being executed "as per a contract for the sale of three magic beans dated June 1." This instru-ment is

12

A payee or indorsee whose name is misspelled on an instrument

13

Quint brings a draft drawn on Regional Credit Union and “payable to Silo LLC” to Regional. The credit union stamps “accepted” on the face of the draft, signs it, and dates it. Regional is

14

Because a party’s authenticating intent with respect to a note is shown by the name of the party written on the line that calls for the name of that party,

15

House wares Inc. warrants its goods to be free of defects. Ivy issues an instrument to Housewares for the purchase of an appliance that proves to be defective. With respect to payment on the instrument, Ivy

16

An instrument payable to two or more persons without an “and” or an “or” between the parties’ names, such as a check “payable to the order of Gerhard Hans,”

17

In a domestic sale of goods, Boxes LLC, the seller, and Containers Inc., the buyer, use a trade acceptance. Essentially, this instrument

18

With respect to a contract for a sale of goods, when its express terms cannot be construed as reasonably consistent with the parties’ course of performance and course of dealing, and the usage of trade, the UCC gives priority to

19

Allys writes a check to Beri on Allys’ account at Community Bank. The bank dishonors the check even though Allys has sufficient funds in her account. The bank is liable to

20

Resort Hotel Corporation, a U.S. firm, establishes a wholly owned subsidiary in Singapore. As a parent corporation, with respect to the subsidiary, Resort retains complete ownership of

21

The appropriate time for presentment of a negotiable instrument for payment is determined by

22

It is assumed that a drawer or maker will recognize his or her own signature and that a maker or an acceptor will recognize whether an instrument has been materially altered. Therefore, with respect to any of these parties who in good faith accepts an instrument, in terms of presentment warranties,

23

Raul writes a check drawn on his account at Cara Bank and payable to the order of Glen.The bank does not pay the check. Raul is

24

Liam, who is authorized to draw checks on Manufacturing Company’s account, signs a check preprinted with the company’s name with a signature that reads simply, “Liam.” On this check, Liam is

25

To buy a truck under warranty from Detour Motors, Eli, a consumer, signs a note payable to the dealer. The note includes the notice required by FTC Rule 433. The dealer sells the note to Finance Company, which takes it in good faith, for value, and unaware of any defenses against payment. Eli discovers that the truck is defective and returns it to Detour Motors. The consumer can assert the breach of warranty to avoid payment on the note agains

Find your answers, solutions and more...

We made it much easier for you to find exactly what you're looking for on Sciemce. Enjoy our search engine "Clutch."

Save a GPA. Donate your notes with us.

Business - #business Law, Quiz Grade 3

Recent Packs