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Chapter24 Negotiable Instrucments

Chapter24 Negotiable Instrucments - MULTIPLE CHOICE...

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MULTIPLE CHOICE QUESTIONS Fact Pattern 24-1A (Questions A1–A2 apply) Flik draws a check payable to “GrocMart” to buy groceries. 1. Refer to Fact Pattern 24-1A. Flik’s check is most likely a. a certificate of deposit. b. a negotiable instrument. c. a promise to pay. d. a promissory note. 2. Refer to Fact Pattern 24-1A. With respect to Flik’s check, GrocMart is Fact Pattern 24-2A (Questions A3–A4 apply) Quantity Sales Corporation and Resources Purchasing Company enter a contract for a sale of processed silver. Quantity Sales draws a draft unconditionally ordering Resources Purchasing to pay $50,000 to Quantity Sales’s order in sixty days. Resources Purchasing signs and dates the draft. 3. Refer to Fact Pattern 24-2A. This instrument is 4. Refer to Fact Pattern 24-2A. On this instrument, Quantity Sales is
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5. To obtain office supplies for Doctors Medical Clinic, Elmo executes a draft in favor of Flynn. A draft is a. a conditional promise to pay money. b. an unconditional written order to pay money. c. a qualified promise to set aside a sum of money. d. a restricted promise to deliver goods at a future date.
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