Payday Loans, Inc, signs an instrument payable to the order of Qiana that states, "The maker of this note at the date of maturity, April 1, 2016, can extend the time of pay¬ment, but for no more than a rea¬sonable time.". This instrument is
a. negotiable.
b. nonnegotiable, because it includes an extension clause.
c. nonnegotiable, because it is not payable within a definite time.
d. nonnegotiable, because it is payable to a specific payee.
C
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Analyze the following independent situations. Required: For each situation, state the likelihood of a future event and state how the contingency will be reported.
a. Company A estimates it will have to pay $85,000 in warranty repairs next year. b. Company B is being sued by a customer. Company B's attorneys feel that this is a frivolous lawsuit and there is very little chance that the customer will win. c. Company C co-signed a note payable for Company D. Company D is having serious financial problems and it is reasonably possible that Company C will have to pay the note. d. Company E is being sued for a patent infringement. Company E's attorney feels that Company E will be found liable for damages caused by the patent infringement. However, the attorney states it is not possible to estimate the amount of the award.
Diligence includes
a. working at a slow pace. b. sending text-messages on office time. c. working with energy and enthusiasm. d. enunciating words correctly.
A busy mom stops at a 7-Eleven store on the way home from work to purchase some bread, milk, and ice cream. What primary economic need is being satisfied by the 7-Eleven?
A. efficiency in operation B. economy of purchase C. dependability in use D. convenience
The major advantage of a sole proprietorship is:
A) Limited liability. B) Easy to raise capital. C) Easy to create. D) Need not file under a fictitious name statute.