UCC3 - Duy L. Ton-That BUL 5332 UCC 3 1. A. Wrong. A bill...

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Duy L. Ton-That BUL 5332 UCC 3 1. A. Wrong. A bill of lading is a type of document that is used to acknowledge the receipt of a shipment of goods. A bill of lading can be used as a traded object. The standard short form bill of lading is evidence of the contract of carriage of goods, not substitute for money. B. Wrong. Warehouse receipts may be negotiable or non-negotiable. Negotiable warehouse receipts allow transfer of ownership of that commodity without having to deliver the physical commodity, not substitute for money. C. Correct. This is a non debt instrument defined under UCC3. D. Wrong. BS. 2. A. Wrong. Parker endorsed “Pay to John Smith only”, so , when John Smith endorsed it, the instrument became negotiable again. B. Wrong since the condition is in the back of the instrument. C. Wrong. Similar to A D. Correct. Because John Smith’s endorsement was blank, the instrument became Bearer paper. When Mary Harris got it, it is still a Bearer Paper, so she does not need to endorse it to negotiate with Sharp. 3.
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This note was uploaded on 11/10/2010 for the course BUL 3130 taught by Professor Tessitore during the Spring '08 term at University of Central Florida.

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UCC3 - Duy L. Ton-That BUL 5332 UCC 3 1. A. Wrong. A bill...

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