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

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
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 6:01 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 Tyrone draws a check payable to "Cash" and presents it to United Bank for payment. This instrument is Selected Answer: [None Given] Correct Answer: a bearer instrument. 0 out of 2 points Question 2 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 3 Owen is a holder of a promissory note obtained from Purchase Money, Inc. Regarding the defenses against payment of the note to which Purchase Money is subject, Owen, as an ordinary holder, is subject to Selected Answer: [None Given] Correct Answer: the same defenses. 0 out of 2 points Question 4 If a note is payable in thirty days, payment is due by midnight on the thirtieth day. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 5 To finance the purchase of a car from Giant Auto Sales, Hoppy signs an instrument promising to pay to "Ideal Credit Union" 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
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
$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. 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 An order stating "I wish you would pay" is sufficient to create a negotiable instrument. Selected Answer: [None Given] Correct Answer: False 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 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 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
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 9

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

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online