A good example of modern statute law is:
a. common law
b. the Uniform Commercial Code (UCC)
c. the Uniform Quasi Contract Code
d. judge made law
B
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Budget Leasing issued 500 shares of $20 par value convertible preferred stock at $22 per share. Each preferred share is converted to 7 shares of $4 par value common stock. The entry to record this conversion would include a
A) debit to Additional Paid-in Capital on Preferred Stock for $11,000. B) credit to Common Stock for $11,000. C) debit to Retained Earnings for $3,000. D) credit to Additional Paid-in Capital from Preferred Stock Conversion for $3,000.
Brandon orally assigned his right to $100 from a lawn mowing contract to Will as a gift. This assignment is
a. not valid because it was not in writing. b. valid even though it was oral and there was no consideration from Will. c. irrevocable once Brandon has told Will about the gift. d. not valid because Will gave no consideration for the assignment.
News and financial articles about changes in a supplier’s financial condition is an example of a(n) ______.
a. internal source of information b. external source of information c. financial source of information d. supplier source of information
The process by which a lender uses the secured property to satisfy a debt in default is called:
A) Foreclosure. B) Recording. C) Deed entrustment. D) Enactment. E) Lien release.