Unit 2 Quiz - 1 All but which of the following serves as a...

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1. All but which of the following serves as a discharge of a negotiable instrument: (Points : 1) payment. cancellation. alteration. presentation . 2. Which of the following parties has primary liability on a draft? (Points : 1) The drawee. The acceptor. The drawer. Any accommodation parties. 3. Millie lends Arthur, her next-door neighbor, $25,000. He gives her his diamond ring as collateral for the loan. Which statement is true? (Points : 1) Millie has no valid security interest in the ring because the parties did not enter into a security agreement. Millie has no valid security interest in the ring because she has not filed appropriate papers. Millie has an attached, unperfected security interest in the ring. Millie has an attached, perfected security interest in the ring. 4. To be negotiable, a check must be in writing. Under the UCC, a check: (Points : 1) must be written on standard size paper of 6" x 2.5". must be written on an official bank form.
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