Quiz 3 Attempts - uestion 1 1.25 out of 1.25 points A...

This preview shows page 1 - 5 out of 18 pages.

uestion 1 1.25 out of 1.25 points A stop-payment order is an order by a customer to his or her bank not to pay a certain check. Answers: Selected Answer: Tru e Tru e False
Question 2 1.25 out of 1.25 points If a person does not consent, a federal agency normally must obtain a warrant to access his or her financial records. Answers:
Question 3 1.25 out of 1.25 points Albert buys a surround sound system from his neighbor George at George’s garage sale. Albert writes George a check for $250 for the sound system. George is Answers:
Question 4 1.25 out of 1.25 points Amelia writes a check to Barry on her account at Community Savings Bank. The bank dishonors the check even though Amelia has sufficient funds in her account. The bank is
. Answers:
Question 5 1.25 out of 1.25 points A delay in payment or a refusal to pay an instrument will dishonor the instrument in all circumstances. Answers: Selected Answer: Fals e True Fals e
Question 6 1.25 out of 1.25 points Orson signs a check “pay to the order of Painless Dental” drawn on Orson’s account in Quantum Bank. To impose liability on Orson if the bank dishonors the check, Painless Dental should present it for payment within Answers: .
Question 7 1.25 out of 1.25 points
Jackson pays Phil in good faith for a promissory note. Phil warrants that the draft has not been altered. This is Answers:
Question 8 1.25 out of 1.25 points Community Bank receives a check drawn by Dennis. The check lacks a proper indorsement. Payment can be postponed without dishonor Answers: .
Question 9 0 out of 1.25 points Diego is the payee of a bearer instrument—a promissory note in the amount of $1,000. Emil offers to harvest Diego’s field of alfalfa in October in ex- change for the note. Diego agrees and delivers the note to Emil. Emil is not an HDC of the note because he Answers: Selected Answer: d. did not take the note without notice a. did not acquire the note in good faith . .
b. did not give value for the note . c. was not the original payee on the note . d. did not take the note without notice .

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture