Carlos wrote a check with the numbers $4500 and the written amount as forty-five dollars. Explain how the ambiguity will be resolved
The check would be interpreted to be for $45.00 . Revised Article 3 of the UCC establishes rules to resolve common ambiguities so that parties do not have to use parol evidence to establish the interpretation of an instrument. This promotes negotiability by providing added certainty to the holder. If the amount payable is set forth on the face of the instrument in both figures and words and the amounts differ, the words control the figures. It is presumed that the drawer would be more careful with words. Therefore, in this case, the amount would be forty-five dollars.
You might also like to view...
The __________________________________________________ is computed by dividing the contribution margin by profit before tax
Fill in the blank(s) with correct word
A donor pledged $500,000 to a not-for-profit hospital in 2016 to conduct medical research, conditional on the hospital raising $500,000 from other donors. The other donors met the condition in 2016 The donor transferred the funds to the hospital in 2017. In which year would the revenue be recognized?
A. 2017. B. Half in 2016 and half in 2017. C. 2016. D. None of the above; the hospital would only recognize revenue when the amounts had been expended according to the donor's wishes.
Which of the following is a feature of qualitative research in primary data collection?
A. It asks yes or no type questions. B. It uses statistics to analyze data. C. It relies on open-ended questioning. D. It asks closed-ended questions. E. It provides more representative samples of consumers.
For purposes of the host country's labor laws, a dependent agent is considered:
a. the principal's independent contractor. b. the principal's representative. c. the principal's employee. d. None of the above