3 - NR275.BUS.241.35.SP11[Spring 2011 BUS 241-35 Business...

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NR275.BUS.241.35.SP11 - ([Spring 2011] BUS 241-35: Business Law I) Assignments ... Module 5 Practice Test Review Test Submission: Module 5 Practice Test Review Test Submission: Module 5 Practice Test User Kristen M Ritch Submitted 3/5/11 5:28 PM Name Module 5 Practice Test Status Completed Score 0 out of 100 points Time Elapsed 5 seconds out of 2 hours and Instructions Question 1 Nina wants to transfer a check to Opie. The check is not defective if it Selected Answer: [None Given] Correct Answer: has been previously honored. 0 out of 2 points Question 2 To finance the purchase of a car from Giant Auto Sales, Hoppy signs an instrument promising to pay to "Ideal Credit Union" $18,000 with interest in installments with the final payment due May 15, 2014. To be negotiable, this instrument must include on its face Selected Answer: [None Given] Correct Answer: no conditions. 0 out of 2 points Question 3 A lack or failure of consideration is no defense to payment of a negotiable instrument to any holder. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 4 To be negotiable, an instrument must be payable in money. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 5 Todd indorses a check, "Pay to Interstate Trucking if they deliver the lumber by May 1, 2010." This is Selected Answer: [None Given] 0 out of 2 points NR275.BUS.241.35.SP ([Spring 2011] BUS 241-35: Business Law I) Announcements Assignments Course Documents Discussion Board My Grades Communication Tools Resources
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Correct Answer: a restrictive indorsement. Question 6 A check "payable to the order of bearer" is neither an order instrument nor a bearer instrument. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 7 On May 1, Doug signs a check that is payable to the order of Extra Credit Corporation and that is dated July 1. This check is Selected Answer: [None Given] Correct Answer: negotiable. 0 out of 2 points Question 8 Don writes a check to Eve drawn on Don's account at First Bank. Eve presents the check for payment to First Bank, which accepts it. The bank is Selected Answer: [None Given] Correct Answer: primarily liable for payment. 0 out of 2 points Question 9 A holder takes an instrument for value by performing the promise for which the instrument was issued. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 10 An instrument payable "with interest" must specify a particular rate to be negotiable. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 11 Quincy draws a check payable to "Replay Stadium" to buy two season tickets to the next year's State College football games. This instrument is Selected Answer: [None Given] Correct Answer: an order instrument. 0 out of 2 points
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3 - NR275.BUS.241.35.SP11[Spring 2011 BUS 241-35 Business...

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