Chapters 26-48 Quizes.SlfTsts.KyTrms

Chapters 26-48 Quizes.SlfTsts.KyTrms - Name: Melissa Score:...

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Name: Melissa Score: 22 / 35 (63%) BUSINESS LAW 201 CHAPTER 26 T/F SELF TEST
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True/False Indicate whether the sentence or statement is true or false. T 1. A signature may be handwritten, typed, or printed. ANSWER: T NOTES: REF: p. 485 T 2. A person is not liable on a negotiable instrument unless he or she, or his or her authorized agent, signs it. ANSWER: T NOTES: REF: p. 485 T 3. Signature liability extends to any person who signs a negotiable instrument. ANSWER: T NOTES: REF: p. 486 T 4. If an instrument is incomplete when the maker signs it, the maker's obligation is to pay it to an HDC according to the terms written when it is completed. ANSWER: T NOTES: REF: p. 486 T 5. A drawer is secondarily liable on an instrument. ANSWER: T NOTES: REF: p. 486 T 6. A drawee is primarily liable on an instrument whether or not the drawee accepts the instrument. ANSWER: F NOTES: REF: p. 486 T 7. The liability of a drawer does not arise until presentment and notice of dishonor are made properly and in a timely manner. ANSWER: T NOTES: REF: p. 487 T 8. Presentment of a negotiable instrument may be properly made, depending on the type of instrument, by any commercially reasonable means. ANSWER: T NOTES: REF: p. 487 9. To properly present a draft for payment, the holder must present it to the drawer.
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Web Quiz  Assignment Name:  Clarkson/Jentz/Cross/Miller, Business Law: Text and Cases 11e, Chapter 26 
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Summary of Results  Total Possible: 10.0 Time Spent: 00:00:11 / 01:00:00 not answered 10.0 100.00% To email the results to your instructor(s), complete this form:  E-mail results to: Additional message: Your first name: Your last name: Your email address: Required field  1 What are the two kinds of liability associated with negotiable instruments? a. Withholding and reverse b. Warranty and signature c. Essential and nonessential d. Dispatch and relief status: not answered () correct: b your answer: 2 If Jeff presents a check for payment at the Lincoln bank in a timely and proper manner, but Lincoln refuses to pay, legally, what happens? a. Jeff dishonors the check. b. Lincoln absconds with the check. c. Lincoln dishonors the check. d. Jeff is secondarily liable on the check. status: not answered () correct: c your answer: 3 If a person is primarily liable on a negotiable instrument, that person: a. may not raise any defenses to payment. b. may not be required to pay under any circumstances. c. may be required to pay only if the party with secondary liability does not pay. d. is absolutely required to pay unless he or she has a valid defense to payment. status: not answered () correct: d your answer:
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Glossary Chapter 26 accommodation party A person who signs an instrument for the purpose of lending his or her name as credit to another party on the instrument. agent A person who agrees to represent or act for another, called the principal.
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This note was uploaded on 11/09/2010 for the course BUSINESS L 048 taught by Professor Dr.eel during the Spring '10 term at Columbia College.

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Chapters 26-48 Quizes.SlfTsts.KyTrms - Name: Melissa Score:...

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