A draft is payable "to the order of Joe Jones or to bearer." Sally finds it and demands payment. Should the drawer pay Sally?
a. No, unless Joe Jones's name is crossed off.
b. No, unless "bearer" is handwritten.
c. Yes, since the word "or" is contained in the instrument, either Joe Jones or the bearer of the draft may obtain payment.
d. No, the terminology is ambiguous and therefore the draft must be paid only to the order of Joe Jones.
c
You might also like to view...
Efficiency measures, as the term is used in the service efforts and accomplishments (SEA) literature, can be described as:
A. Measures that relate costs to outcomes. B. Measures that relate to the amount of financial and nonfinancial resources used in a program or process. C. Measures that reflect either the quantity or quality of a service provided. D. Measures that relate the quantity or cost of resources used to units of output.
Under the RUPA, it is possible to cure an illegality within 90 days after notice to the partnership of the event dissolving the partnership for illegality
a. True b. False Indicate whether the statement is true or false
The Sarbanes Oxley Act was passed in response to: I. concerns that investors received full and complete information about potential corporate fraud II. a lack of investor confidence III. corporate scandals beginning with Enron IV. discrimination against an employee when providing information she reasonably believes constitutes a violation of federal security laws
a. I only b. II only c. I and II d. I, II, III, IV
Ribeye RestaurantsInc wants to acquire or merge with SteakHouse Corporation. Ribeye should
a. file a plan of merger with the secretary of state. b. file an article of merger with SteakHouse. c. make a tender offer to the SteakHouse shareholders. d. make a tender offer to the Ribeye shareholders.