A) Within twenty-four hours after it is issued.
B) As soon as a bank clears it but no longer than 3 business days.
C) Two days after it is issued.
D) As soon as it is issued.
E) No later than 48 hours after it is issued.
G) B) and D)
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A) Time; demand
B) Demand; order
C) Time; order
D) Order; bearer
E) Demand; time
G) B) and C)
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B) False
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A) to a third party vendor
B) at either a time certain or on demand
C) as a promissory agreement
D) to a bank
E) to a guarantor
G) C) and D)
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It appears that a contract is formed bec...View Answer
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A) Negotiation of both an order instrument and bearer instrument is by delivery alone.
B) Negotiation of both an order instrument and bearer instrument require endorsement plus delivery.
C) Negotiation of an order instrument is by endorsement plus delivery, while negotiation of a bearer instrument is by delivery alone.
D) Negotiation of a bearer instrument is by endorsement plus delivery, while negotiation of an order instrument is by delivery alone.
E) Negotiation of both an order instrument and a bearer instrument requires both delivery and an additional three days to allow for bank clearance.
G) A) and B)
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B) False
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A) An instrument payable to no one.
B) An instrument payable to "X."
C) An instrument payable to "cash."
D) An instrument payable to "bearer."
E) An instrument payable to "the order of John Doe."
G) A) and B)
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A) Sophie's performance prevents the instruments from being negotiable only if Reza meets the burden of proof of establishing to the judge by a preponderance of the evidence that Sophie did a poor job mowing the yard.
B) Sophie's performance prevents the instruments from being negotiable only if Sophie meets the burden of proof of establishing to the judge by a preponderance of the evidence that she did an acceptable job mowing the yard.
C) Sophie's performance prevents the instruments from being negotiable only if Reza meets the burden of proof of establishing to the judge by a preponderance of the evidence that Sophie did a poor job mowing the yard, and if Sophie signed and provided to Reza a document agreeing that the instrument would lack negotiability unless she properly performed.
D) Sophie's performance prevents the instruments from being negotiable only if Sophie meets the burden of proof of establishing to the judge by a preponderance of the evidence that she did an acceptable job mowing the yard and that she did not sign any document agreeing that the instrument would lack negotiability upon Reza's objection.
E) Manner of performance is not one of the listed elements for a finding of negotiability.
G) C) and D)
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A) Hye and Sam have an enforceable contract, and Hye has also satisfied the negotiability condition regarding the form of payment.
B) Hye and Sam have an enforceable contract, but the agreement fails to satisfy the negotiability requirement that payment be in a sum certain in money.
C) Because payment is not in a sum certain for money, Hye and Sam do not have an enforceable contract nor does the agreement satisfy the negotiability requirement that payment be in a sum certain in money.
D) Because payment is not in a sum certain for money, Hye and Sam do not have an enforceable contract, but the requirement of negotiability regarding the form of payment has been satisfied.
E) Unless Sam acknowledges in writing that the fair market value of the DVD is equivalent to the value of the book he provided to Hye, there is no enforceable contract nor is the agreement negotiable.
G) A) and B)
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A) The signature may be an assumed name.
B) A signature may be made by means of a device or machine.
C) A signature may be made manually.
D) The signature of an agent on behalf of the principal binds the principal and satisfies the signature requirement.
E) The UCC prohibits an X from being used as a signature.
G) C) and E)
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A) Drawee
B) Drawer
C) Owner
D) Payee
E) Payor
G) B) and C)
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A) Article 1
B) Article 2
C) Article 3
D) Article 7
E) Article 9
G) C) and D)
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The seven requirements for an instrument...View Answer
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With a demand instrument, the ...View Answer
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A) Note; check
B) Note; draft
C) Check; note
D) Draft; note
E) Check; draft
G) None of the above
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A) Durability
B) Sustainability
C) Relative permanence
D) Movability
E) Viability
G) A) and B)
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A) Negotiable instrument
B) Commercial paper
C) Promissory paper
D) Commerce note
E) Payment note
G) B) and C)
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A) demand
B) order
C) transitional
D) notified
E) receiver
G) A) and E)
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A) The World Trade Organization defines and enforces concepts of negotiability for all member nations.
B) The United Nations Committee on Contracts defines and enforces concepts of negotiability for all member nations.
C) The Uniform Commercial Code is accepted as the defining word on negotiability in North America and Europe.
D) The Uniform Negotiation Act, agreed upon by a majority of countries, addresses definitions in regard to negotiability.
E) The definitions in regard to negotiable contracts vary from country to country.
G) C) and D)
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