Business Law Quiz #2

Business Law Quiz#2 - BUSINESS LAW QUIZ 2 QUIZ 2 is due at midnight EST This quiz is worth 15 of your class grade It is due in the Assignment

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BUSINESS LAW – QUIZ 2 QUIZ 2 is due at midnight EST, November 22, 2010. This quiz is worth 15% of your class grade. It is due in the Assignment Folder. No attachments are accepted. The first part of Quiz 2 consists of 10 true/false questions; each is worth one-half point, or 5 out of the possible 15 points for this quiz. TRUE/FALSE QUESTIONS: 1. The signature on a negotiable instrument can only be by a name. _________ 2. A bank is not required to pay on a “stale” check if that check has been outstanding for more than 180 days or 6 months. __________ 3. If Brody, a contractor, places a lien on Smith’s property, Brody must give notice of the lien to Smith for the lien to be perfected, as only recording with the county recorder is insufficient. __________ 4. A drawer or maker on a negotiable instrument is liable if that instrument is signed by an authorized maker. __________ 5. A holder in due course takes a negotiable instrument free of all claims and most defenses. __________ 6. Personal defenses cannot be raised against a holder in due course. __________ 7. If you make a cash deposit to your account at your bank this means that, you can immediately withdraw those sums following your deposit. __________ 8. Sam owes Joe $500 and issues a check to Joe on Sam’s bank. Sam fails to fill for $500 on that check. Joe fraudulently fills in $5000 and presents it to Sam’s bank. That bank pays Joe the $5,000. The bank then charges Sam’s account the $5,000.
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The bank is correct in charging Sam’s account that sum of money. ___________ 9.
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This note was uploaded on 03/14/2011 for the course MGMT 231 taught by Professor Brown during the Spring '11 term at University of Phoenix.

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Business Law Quiz#2 - BUSINESS LAW QUIZ 2 QUIZ 2 is due at midnight EST This quiz is worth 15 of your class grade It is due in the Assignment

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