6 - 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 5:30 PM Name Module 5 Practice Test Status Completed Score 0 out of 100 points Time Elapsed 6 seconds out of 2 hours and Instructions Question 1 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 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 Todd indorses a check, "Pay to Interstate Trucking if they deliver the lumber by May 1, 2010." This is Selected Answer: [None Given] Correct Answer: a restrictive indorsement. 0 out of 2 points Question 4 USA Oil Corporation signs an instrument that states it is being executed "in accord with a contract for the purchase of 4,000 barrels of oil dated May 1." This instrument is Selected Answer: [None Given] Correct Answer: negotiable. 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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Normally, if the numerical amount and the written amount on a check differ, the words outweigh the figures. Selected Answer: [None Given] Correct Answer: True Question 6 A transfer by negotiation can make it possible for a holder to receive more rights in the instrument than its prior possessor had. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 7 Ollie negotiates an order instrument to Phil by Selected Answer: [None Given] Correct Answer: delivery with any necessary indorsement. 0 out of 2 points Question 8 A conditional promise to pay is not a negotiable instrument. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 9 Jen makes a gift of a check to Kilroy who takes it in good faith and without notice of any claim, defense, or defect. With respect to this check, Kilroy is Selected Answer: [None Given] Correct Answer: an ordinary holder. 0 out of 2 points Question 10 On the back of a check payable to Nero, he writes "Pay to Odell, without recourse" and signs it. This Selected Answer: [None Given] Correct Answer: relieves Nero of liability on the check. 0 out of 2 points
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6 - NR275.BUS.241.35.SP11 - ( [Spring 2011] BUS 241-35:...

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