5 - NR275.BUS.241.35.SP11 - ( [Spring 2011] BUS 241-35:...

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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 5:29 PM Name Module 5 Practice Test Status Completed Score 0 out of 100 points Time Elapsed 14 seconds out of 2 hours and Instructions Question 1 Fact Pattern 14-2 Jake is the maker of a $2,000 promissory note payable to Kim. Kim indorses the note to Lou who, in turn, indorses it to Mona, who then indorses it to Nat, the present holder. Refer to Fact Pattern 14-2. Suppose that Mona pays Nat on the note. With timely notice to the proper parties, Mona may collect payment on the note from Selected Answer: [None Given] Correct Answer: Jake, Kim, or Lou. 0 out of 2 points Question 2 To be negotiable, an instrument must be signed in the lower right- hand corner. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 3 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 4 An unauthorized signature binds the person whose name is forged. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 5 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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Selected Answer: [None Given] Correct Answer: False Question 6 Opal asks Paolo, who does not understand English, to sign what Opal says is an application to open a bank account. In fact, the "application" is a note. If sued on the note by an HDC, Paolo's best defense would be Selected Answer: [None Given] Correct Answer: fraud in the execution. 0 out of 2 points Question 7 Transfer warranties attempt to impose liability on the wrongdoer or the party who dealt most immediately with the wrongdoer. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 8 An instrument is not defective simply because it is overdue. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 9 Vladimir negotiates a bearer instrument to Wendy by Selected Answer: [None Given] Correct Answer: delivery. 0 out of 2 points Question 10 Wilbur signs a note that includes a clause under which the note's holder can delay the date of its payment indefinitely. This is Selected Answer: [None Given] Correct Answer: an extension clause. 0 out of 2 points Question 11 EZ Credit Company signs an instrument payable to the order of Flem that states, "The maker of this note at the date of maturity, May 1, 2013, can extend the time of payment, but for no more than a reasonable time." This instrument is Selected Answer: [None Given] Correct Answer: nonnegotiable, because it is not payable within a definite time. 0 out of 2 points
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5 - NR275.BUS.241.35.SP11 - ( [Spring 2011] BUS 241-35:...

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