Jan Arthur writes a $200 check to Bruce Nole who indorses it "Bruce Nole." Bruce gives the check to Anne Tate who indorses it "Without Recourse. Anne Tate." Anne sends the check to Joe Black, MD to pay her medical bill. If the bank refuses to honor the check, Black:
a. can collect only from Jan Arthur.
b. can collect only from Jan Arthur or Bruce Nole.
c. can collect from the drawer or any indorser whose name appears on the check.
d. has no other recourse.
b
You might also like to view...
Conducting a quality audit is a prevention cost
Indicate whether the statement is true or false
The Allowance for Doubtful Accounts has a debit balance of $3,000 at the end of the year (before adjustment), and Bad Debt expense is estimated at 2% of net sales. If net sales are $600,000, the amount of the adjusting entry to record the provision for doubtful accounts is ________
a. $1,200 b. $7,000 c. $13,000 d. $12,000
The Universal Declaration of Human Rights assures every person, as a member of the human society, specific economic, social, and cultural rights. All of the following rights listed in the declaration are most relevant to employment except the following:
a. The right to social security b. The right to economic prosperity c. The right to a standard of living adequate for health and well-being d. The right to rest and leisure
Which of the following is true of an option contract?
A. If the offeree chooses not to buy the property, the consideration paid must be returned. B. The consideration paid for the option cannot be applied to the sale price. C. The death or incompetency of either party terminates an option contract. D. The offer cannot be revoked during the option period.