Exam 26: Form and Content

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Joel's car broke down on a dark, rainy night. Along came Andy in his four-wheel drive truck with tools and supplies in the back. Joel didn't have any credit cards and had only $3.25 cash, so Andy told him to write a check or an IOU. Neither Andy nor Joel had any paper, so Joel wrote on the cover of Andy's lunchbox: "If my car is fixed right by Andy Walcott, I will pay him $150. (Signed) Joel Boyd." Andy indorses the note and takes it to a commercial factor for negotiation. The factor refuses, saying it is non-negotiable because:

(Multiple Choice)

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Question 21

A check is a draft payable on demand.

(True/False)

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Question 22

A maker must sign in the lower, right-hand corner of the instrument.

(True/False)

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Question 23

To be negotiable, the instrument must satisfy all except which one of the following requirements?

(Multiple Choice)

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Question 24

An "I.O.U." is not considered a negotiable instrument.

(True/False)

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Question 25

Which of the following would NOT be negotiable? Explain. a. A check with the name of the payee omitted. b. A draft for 3,000 bushels of corn. c. A check written in pencil on a paper towel. d. A note stating that it is secured by a mortgage on a specified parcel of land. e. A note stating "IOU fifty dollars."

(Essay)

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Question 26

Which article of the UCC deals with "negotiable instruments"?

(Multiple Choice)

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Question 27

Which of the following is correct with respect to negotiability?

(Multiple Choice)

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Question 28

A written and signed promise by Miller to Baker to deliver 1,000 pounds of flour in 30 days is an example of a negotiable instrument.

(True/False)

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Question 29

A form of time draft known as a trade acceptance is used as a credit device in commercial transactions.

(True/False)

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Question 30

A certificate of deposit differs from a promissory note in that, with a certificate of deposit:

(Multiple Choice)

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Question 31

Identify the parties to checks and notes.

(Essay)

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Question 32

Which of the following is not true?

(Multiple Choice)

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Question 33

To be negotiable, an instrument must be in writing.

(True/False)

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Question 34

Bearer paper is negotiable.

(True/False)

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Question 35

Which of the following would be a bearer instrument?

(Multiple Choice)

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Question 36

Under the law of assignments, the assignee stands in the shoes of the assignor.

(True/False)

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Question 37

All but which of the following is required of a negotiable instrument?

(Multiple Choice)

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Question 38

An instrument payable at a fixed time subject to acceleration by the holder is not negotiable.

(True/False)

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Question 39

What are the requirements of negotiability under the Code? List and briefly summarize them.

(Essay)

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Question 40

Showing 21 - 40 of 69

Exam 26: Form and Content

A check is a draft payable on demand.

A maker must sign in the lower, right-hand corner of the instrument.

To be negotiable, the instrument must satisfy all except which one of the following requirements?

An "I.O.U." is not considered a negotiable instrument.

Which article of the UCC deals with "negotiable instruments"?

Which of the following is correct with respect to negotiability?

A written and signed promise by Miller to Baker to deliver 1,000 pounds of flour in 30 days is an example of a negotiable instrument.

A form of time draft known as a trade acceptance is used as a credit device in commercial transactions.

A certificate of deposit differs from a promissory note in that, with a certificate of deposit:

Identify the parties to checks and notes.

Which of the following is not true?

To be negotiable, an instrument must be in writing.

Bearer paper is negotiable.

Which of the following would be a bearer instrument?

Under the law of assignments, the assignee stands in the shoes of the assignor.

All but which of the following is required of a negotiable instrument?

An instrument payable at a fixed time subject to acceleration by the holder is not negotiable.

What are the requirements of negotiability under the Code? List and briefly summarize them.

Introduction to Law

Business Ethics and the Social Responsibility of Business

Civil Dispute Resolution

Constitutional Law

Administrative Law

Criminal Law

Intentional Torts

Negligence and Strict Liability

Introduction to Contracts

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance, Breach, and Discharge

Contract Remedies

Relationship of Principal and Agent

Relationship With Third Parties

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Products Liability: Warranties and Strict Liability in Tort

Sales Remedies

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits, Collections, and Funds Transfers

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature, Formation, and Powers

Financial Structure

Management Structure

Fundamental Changes

Secured Transactions and Suretyship

Bankruptcy

Protection of Intellectual Property

Antitrust

Consumer Protection

Employment Law

Securities Regulation

Accountants Legal Liability

Environmental Law

International Business Law

Introduction to Property, Property Insurance, Bailments, and Documents of Title

Interests in Real Property

Transfer and Control of Real Property

Trusts and Decedents Estates

the Legal Environment of Business

Contracts

Agency

Sales

Negotiable Instruments

Unincorporated Business Associations

Corporations

Debtor and Creditor Relations

Regulation of Business

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