A) Article 4
B) Article 8
C) Article 9
D) Article 3
E) Article 2
G) B) and D)
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A) The instrument is dated and then states that "payment will be made 5 days after the above date."
B) The instrument states a specific date for payment.
C) An instrument that permits acceleration of payment and has a fixed date of payment if the acceleration clause is not affected.
D) An instrument that states that "payment will be made 10 days after delivery of the goods."
E) An instrument that states that payments is due at a fixed time but may be extended at the election of the holder.
G) C) and D)
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B) False
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A) At midnight the day it is issued.
B) One hour after it is issued.
C) As soon as it is issued.
D) Two days after it is issued.
E) Twenty-four hours after it is issued.
G) All of the above
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It appears that a contract is formed bec...View Answer
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B) False
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A) An offer of unconditional partial payment satisfies requirements of negotiability.
B) A promise or order to pay must be specific and not be implied in order for negotiability to be found.
C) Simply acknowledging a debt satisfies the negotiability requirement of an unconditional promise to pay.
D) There is no such requirement in order to find negotiability.
E) A common IOU is sufficient to satisfy the negotiability requirement of an unconditional promise to pay.
G) B) and D)
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A) Payee
B) Drawer
C) Drawee
D) Payor
E) Owner
G) All of the above
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With a demand instrument,the p...View Answer
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B) False
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A) Specified;implied
B) Specified;exact
C) Implied;specified
D) Implied;exact
E) Exact;implied
G) C) and D)
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A) Because the check was a bearer instrument,the bank was authorized to pay Caileen;and Mehdi has no rights against the bank.
B) The check was an order instrument,and the bank must take the loss because it should only have provided funds to Mehdi.
C) Because the check was an order instrument,the bank was within its rights to pay Caileen because she presented the check;and Mehdi has no rights against the bank.
D) Regardless of what type of instrument the check was,the bank had no right to cash the check when presented by Caileen unless the bank can establish by a preponderance of the evidence that Caileen misrepresented herself as an agent of Mehdi.
E) Because the check was a bearer instrument,the bank must take the loss because it should only have provided the funds to Mehdi.
G) A) and D)
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A) Similar to contracts,negotiable instruments require offer and acceptance;but unlike contracts,negotiable instruments do not require consideration.
B) Negotiable instruments lack the requirements of contracts involving consideration,offer,and acceptance.
C) Negotiable instruments require the same elements as contracts in regard to consideration,offer and acceptance.
D) Similar to contracts,negotiable instruments require consideration.
E) A negotiable instrument is a form of a contract and may be referred to as such.
G) C) and E)
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A) Float
B) Delay
C) Hold over
D) Defer
E) Shelve
G) A) and E)
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B) False
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A) By a preponderance of the evidence
B) Some credible evidence
C) Reasonable suspicion
D) Clear and convincing
E) Beyond a reasonable doubt
G) B) and D)
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A) Handwriting does not prevent the instrument from being considered negotiable only because Sophie would not be considered a merchant in the transaction at issue,and Reza's status as a merchant is irrelevant.
B) Handwriting does not prevent the instruments from being considered negotiable only because neither Sophie nor Reza would be considered merchants in the transactions at issue.
C) The issue of the instruments being handwritten does not prevent either from being considered negotiable.
D) Handwriting does not prevent the instruments from being considered negotiable only because Reza would not be considered a merchant in the transaction at issue,and Sophie's status as a merchant is irrelevant.
E) Handwriting does not prevent the IOU instrument from being negotiable,but it does prevent the other instrument from being negotiable.
G) A) and C)
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A) Have an unconditional promise or order to pay.
B) Be signed by the creator of the instrument.
C) Specify a fixed sum of national currency.
D) Be an oral or written contract.
E) Contain no additional promises.
G) C) and D)
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A) The oral agreement established breach of contract;therefore,while another type of instrument would have been negotiable,the checks involved were not.
B) The oral agreement was relevant to the negotiability of the checks,and acted to excuse the gambler from liability on the checks.
C) The oral agreement established that the checks were not negotiable instruments.
D) The potential oral agreement as to the markers was irrelevant to the negotiability of the checks.
E) The oral agreement was relevant to the negotiability of the checks,but it did not affect the gambler's liability on the checks.
G) B) and E)
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A) The instrument by definition is a good contract only if it is made out in an amount more than $1,000.
B) The instrument by definition is a good contract only if it is made out in an amount less than $1,000.
C) The instrument by definition is a good contract.
D) Failure to qualify as a negotiable instrument does not mean the instrument fails to be a good contract.
E) The instrument by definition fails to be a good contract.
G) A) and E)
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