Project #34245 - Business Law

Carol buys some items at Friendly Drugstore and writes a check to the store on her account at First Bank. Who is the drawee?
 
Question 1 options:
Which of the following would be a bearer instrument?
 
Question 2 options:

Ellen owes $6,000 in unpaid taxes. On the back of an old shirt, she exe­cutes an instrument for that amount that otherwise meets the re­quire­ments for negotiability. This instrument is likely

 
Question 3 options:
Ben, the owner of Construction Contractors, Inc., signs an in­strument that includes the phrase “as per contract.” This instrument is
 
Question 5 options:
nonnegotiable, because it states an express condition to payment.
A maker must sign in the lower, right-hand corner of the instrument.
 
Question 6 options:
A draft involves only two parties: a drawer and a payee.
 
Question 7 options:
Ricardo is the holder of a check that contains the indorsement "Without Recourse, (signed) Mary Roberts." This indorsement:
 
Question 1 options:
Which of the following is a special indorsement?
 
Question 2 options:
One who is in possession of a negotiable instrument that is drawn, issued, or indorsed to him or to his order or that is indorsed in blank is a(n):
 
Question 3 options:
Laura is in possession of a check which contains the following indorsement, "Sam Smith, without recourse, for collection only." The indorsement would be classified as:
 
Question 4 options:
Assume that on receiving her paycheck, Laura Lawyer (from above) had signed her name, in blank, to the back of the instrument, which then was blown out a window and landed at the feet of a criminal, Harry Thief.  Harry took the check down to Blue Grocery and told the manager that he (Harry) was Larry Lawyer, Laura’s father, and asked the manager to cash it for him.  The manager made Harry indorse the instrument, so Harry wrote “Larry Lawyer” under Laura’s indorsement.  Blue Grocery qualifies as a holder.
 
Question 5 options:
A document signed by Frank Folsom indicating that:

"May 1, 1996. I owe Irene Indigo $300."  The above qualifes as a negotiable instrument.

 
Question 6 options:

The following qualifies as a negotiable instrument.

 

A document signed by Deborah Dillon indicating that:  May 1, 1996Subject to a contract of sale dated April 30, 1996 between Evelyn Enders and Deborah Dillon, I,Deborah Dillon, promise to pay to Evelyn Enders, or

to her order, the amount of $200.

 

 

 
Question 7 options:
A holder in due course of a negotiable instrument:
 
Question 1 options:

Takes free of all "real" defenses to

Can transfer his rights to any

subsequent transferee of the

In which of the following situations is an instrument

most likely to be overdue?
 
Question 2 options:
Which of the following would prevent the holder of an instrument from asserting holder in due course status?
 
Question 3 options:
Scott buys a television set from Joe’s TV Store, giving Joe a check for $550. Joe uses a special indorsement and negotiates the check to Tom. Tom carefully changes the amount to read $1550 and loses the check on the way to the bank. Harry picks it up and tries to cash it. What will he get?
 
Question 4 options:
The shelter rule applies even if the transferee was a party to fraud or illegality.
 
Question 5 options:
D has owed C a debt of $500 for two years. If D now signs a promissory note payable to C, the antecedent debt meets the requirement of "value" in determining C's status as a holder in due course.
 
Question 6 options:
Sue makes a note payable to the order of Eric. Eric indorses it and delivers it to Henry who gives Eric his indorsed paycheck in return. Henry is a "holder."
 
Question 7 options:
Who is primarily liable on a note?
 
Question 1 options:
Jan Arthur writes a $200 check to Bruce Nole who indorses it "Bruce Nole." Bruce gives the check to Anne Tate who indorses it "Without Recourse. Anne Tate." Anne sends the check to Joe Black, MD to pay her medical bill. If the bank refuses to honor the check, Black:
 
Question 2 options:
Franz signs a $1,000 note payable to ABC Bank. To help Franz get the loan approved, Amy also signs the note as an accommodation maker.
 
Question 3 options:
All of the following except which one are warranted by the transferor of a negotiable instrument?
 
Question 4 options:
Warranty liability may be imposed on both nonsigners and signers of an instrument.
 
Question 5 options:
Presentment for payment is one step necessary to charge an indorser with the obligation to pay.
 
Question 6 options:
A drawee bank "accepts" a check by certification.
 
Question 7 options:

 

I need help answering these business law questions. I will pay $15.00

Subject Business
Due By (Pacific Time) 06/27/2014 03:00 pm
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