Exam 24: Liability,Defenses and Discharge

Explore all topics

The transferor of a negotiable instrument warrants that the transferor has good title or is authorized to obtain payment of acceptance of one who has good title as part of:

(Multiple Choice)

4.8/5

(69)

Question 61

Andy Anderson is an agent for Peterson Corporation,whose name does not appear on its checks.If Andy signs a check as the drawer,for which of the following signatures could Andy be personally liable on the instrument?

(Multiple Choice)

4.9/5

(75)

Question 62

Transferors cannot be held liable for breaching implied warranties when negotiating instruments.

(True/False)

4.9/5

(84)

Question 63

Cancellation of a negotiable instrument will discharge any party with primary liability as well as any party with secondary liability.

(True/False)

5.0/5

(74)

Question 64

A maker's discharge in bankruptcy is considered to be a real defense.

(True/False)

4.8/5

(79)

Question 65

In order to impose secondary liability,the following requirements must be met EXCEPT for which of the following?

(Multiple Choice)

4.8/5

(95)

Question 66

Lisa purchases a home theater system from Homeplace Cinema.Lisa signs a $10,000 negotiable promissory note in connection with this purchase.This note requires monthly payments for 5 years.After the system is installed,Lisa begins to have trouble with it.It turns out that there are defective components in both the video and audio aspects of the system.Meanwhile,Homeplace Cinema has sold Lisa's promissory note to Amalgamated Finance,which meets all the requirements of a holder in due course.Lisa refuses to make any further payments on the notes due to the breach of contract by Homeplace Cinema.Which of the following is true?

(Multiple Choice)

4.7/5

(90)

Question 67

What is needed for a party to be considered secondarily liable on an instrument?

(Multiple Choice)

4.8/5

(83)

Question 68

Alan guarantees Visa that he will pay for his daughter Florence's debt with Visa.If Alan fails to pay Visa,who is liable for Florence's debt?

(Multiple Choice)

4.8/5

(84)

Question 69

What does it mean for liability on a negotiable instrument to be secondary liability?

(Multiple Choice)

4.8/5

(99)

Question 70

Which of the following parties are liable only after a negotiable instrument has been presented and dishonored,and proper notice has been given?

(Multiple Choice)

4.9/5

(85)

Question 71

What is the significance of a defense being a real defense rather than a personal defense?

(Multiple Choice)

4.9/5

(74)

Question 72

Which of the following warranties is given by the transferor of a negotiable instrument?

(Multiple Choice)

4.9/5

(77)

Question 73

The location of a person's signature on an instrument generally determines the signer's capacity.

(True/False)

4.8/5

(88)

Question 74

Which of the following best describes what a transfer is?

(Multiple Choice)

4.8/5

(77)

Question 75

Signature liability on a negotiable instrument is also known as:

(Multiple Choice)

4.9/5

(81)

Question 76

Primary liability occurs when a draft or check is issued,as such instruments are orders to pay.

(True/False)

4.8/5

(71)

Question 77

Of the following roles that persons who sign a negotiable instrument can play,which do not have signature liability on the instrument?

(Multiple Choice)

4.8/5

(65)

Question 78

Showing 61 - 78 of 78

Exam 24: Liability,Defenses and Discharge

The transferor of a negotiable instrument warrants that the transferor has good title or is authorized to obtain payment of acceptance of one who has good title as part of:

Andy Anderson is an agent for Peterson Corporation,whose name does not appear on its checks.If Andy signs a check as the drawer,for which of the following signatures could Andy be personally liable on the instrument?

Transferors cannot be held liable for breaching implied warranties when negotiating instruments.

Cancellation of a negotiable instrument will discharge any party with primary liability as well as any party with secondary liability.

A maker's discharge in bankruptcy is considered to be a real defense.

In order to impose secondary liability,the following requirements must be met EXCEPT for which of the following?

What is needed for a party to be considered secondarily liable on an instrument?

Alan guarantees Visa that he will pay for his daughter Florence's debt with Visa.If Alan fails to pay Visa,who is liable for Florence's debt?

What does it mean for liability on a negotiable instrument to be secondary liability?

Which of the following parties are liable only after a negotiable instrument has been presented and dishonored,and proper notice has been given?

What is the significance of a defense being a real defense rather than a personal defense?

Which of the following warranties is given by the transferor of a negotiable instrument?

The location of a person's signature on an instrument generally determines the signer's capacity.

Which of the following best describes what a transfer is?

Signature liability on a negotiable instrument is also known as:

Primary liability occurs when a draft or check is issued,as such instruments are orders to pay.

Of the following roles that persons who sign a negotiable instrument can play,which do not have signature liability on the instrument?

Legal Heritage and the Information Age

Court Systems and Jurisdiction

Judicial, Alternative, and Online Dispute Resolution

Constitutional Law for Business and E-Commerce

Intentional Torts and Negligence

Strict Liability and Product Liability

Intellectual Property and Cyber Piracy

Criminal Law and Cyber Crimes

Nature of Traditional and E-Contracts

Agreement

Consideration and Promissory Estoppel

Capacity and Legality

Genuineness of Assent and Undue Influence

Statute of Frauds and Equitable Exceptions

Third-Party Rights and Discharge

Remedies for Breach of Traditional and E-Contracts

Internet Law and E-Commerce

Formation of Sales and Lease Contracts

Title to Goods and Risk of Loss

Remedies for Breach of Sales and Lease Contracts

Sales and Lease Warranties

Creation of Negotiable Instruments

Transferability and Holder In Due Course

Checks, the Banking System, and E-Money

Creditor's and Debtor's Rights

Secured Transactions and Electronic Filing

Bankruptcy and Reorganization

Agency Formation and Termination

Liability of Principals, Agents, and Independent Contractors

Employment,Worker Protection,and Immigration Laws

Labor Law and Collective Bargaining

Equal Opportunity in Employment

Small Businesses, Entrepreneurs, and General Partnerships

Limited Partnerships and Limited Liability Limited Partnerships

Corporate Formation and Financing

Corporate Governance and the Sarbanes Oxley Act

Corporate Acquisitions and Multinational Corporations

Limited Liability Companies and Limited Liability Partnerships

Franchises and Special Forms of Business

Investor Protection and Online Securities Transactions

Ethics and Social Responsibility of Business

Administrative Law and Regulatory Agencies

Consumer Protection and Product Safety

Environmental Protection and Global Warming

Antitrust Law and Unfair Trade Practices

Personal Property and Bailment

Real Property

Landlord Tenant Law and Land Use Regulation

Insurance

Accountants' Liability

Wills, Trusts, and Elder Law

Family Law

International and World Trade Law

Filters