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Business Law Q2

sale of tangible moveable property Article 2 of Uniform Commercial Code
origin of Uniform Commercial Code law merchant of English common law
indicates monetary consideration in a contract price
a document that evidences ownership of personal property bill of sale
a sale concerning existing goods contract of sale
a sale concerning future goods contract to sell
if amount of sale of tangible moveable property is $500 or more, contract must be in writing by time of suit in order to be enforceable statute of frauds
exception to statute of frauds 1. if buyer has received & accepted the goods 2. if buyer pays for the goods 3. judicial admission in court 4. specifically manufactured goods
auctioneer signs memorandum indicating goods, price & buyer auction sales
can't refuse highest bid auction without reserve
can refuse highest bid if it doesn't meet reserve auction with reserve
title doesn't pass until buyer receives & approves the goods sale on approval
title will pass once buyer receives goods; buyer can return goods by time specified in contract sale with right to return
manufacturer appoints someone as their agent to sell their goods; title does not pass from manufacturer to seller consignment
cash on delivery does not affect passage of title or risk of loss
field in bill of lading; the point to which title transfers from seller to buyer free on board
contract between common carrier & seller (shipper) for shipment of goods; the point to which the seller owns the goods & bears the risk of loss bill of lading
a writing which is drawn in a special form that can be transferred from person to person as a substitute for money negotiable instrument
the transfer of the instrument from one person to another negotiating
the first delivery of the instrument to the original payee issuing
negotiable instrument made payable to a named payee & negotiated by endorsement/delivery order paper
negotiable instrument made payable to bearer or cash & negotiated by delivery alone bearer paper
an order by one person to another person to pay sum certain in money to a third person on demand or a fixed future date draft
person who draws up & executes a draft drawer
party that is ordered to pay on a draft drawee
person who an instrument is made payable payee
a promise to pay specific amount of money over a period of time; 2 parties promissory note
person who executes a promissory note maker
person who promises to pay maker
person to who a promissory note is made payable payee
person to who an instrument is made payable payee
person who endorses an instrument/anyone that endorses that endorses or signs an instrument on the reverse side endorser
anyone to whom any negotiable instrument is made payable through an endorsement endorsee
anyone in possession of an instrument that has been negotiated to them holder
the drawee, once they accept the instrument for payment acceptor
anyone in possession of an instrument that is bearer paper bearer
T or F: there is no such thing as an oral negotiable instrument true
requirements of negotiability 1. signed writing 2. order to pay/promise to pay 3. unconditional 4. sum certain in money 5. payable on demand of on a fixed future date 6. payable to the order of a named payee 7. payee & drawer must be identified
T or F: an IOU is not a negotiable instrument true
a written contract obligation, usually executed by a corporation or governmental body under seal of the body & usually secured by property of that association bond
bond with detachable interest-paying stub & a payment date coupon bond
a promissory note payable to a named payee & the payee's name is registered on the books & record of the corporation registered bond
Is a registered bond negotiable or non-negotiable? non-negotiable
promissory note which is sealed by personal property collateral note
promissory note secured by real property real estate mortgage note
maker of real estate mortgage note mortgagor
lender (real estate mortgage note) mortgagee
promissory note with due date, not secured by property, and issued by business under corporate seal debenture
acknowledgement by a bank that they have received money & promised to pay it back with interest by some future date certificate of deposit (CD)
a draft that is both drawn & payable within U.S. domestic/inland draft
either drawn up in a foreign country or payable in a foreign country or both foreign draft
When does title pass for existing goods? at the time of the transaction
goods already owned & produced existing goods
When does the risk of loss pass for existing goods? at the time of the transaction
When does title & risk of loss pass in a contract to sell? at a future point, such as time of receipt
Regarding free on board, who bears the risk of loss? seller
origin of Article 3 of UCC law merchant
How many requirements of negotiability? 7
T/F There is no such thing as an oral negotiable instrument true
Negotiable instrument: Handwriting controls over _____ numeral
Negotiable instrument: Typewriting controls over _____ printing
Negotiable instrument: ______ controls over typewriting handwriting
T/F A coupon bond is negotiable true
T/F A registered bond is non-negotiable true
a draft that is payable immediately sight draft
a draft that is payable on a future date (post-dated) time draft
an order by the seller of goods to the buyer of goods ordering them to pay for the goods on a fixed future date trade acceptance
The drawer of a trade acceptance is the... seller
The payee of a trade acceptance is the... payee
The drawee of a trade acceptance is the... buyer
A trade acceptance is a type of... draft
a draft drawn on a bank check
drawer on a check person with funds on deposit (depositor)
drawee on a check bank
the bank takes funds out of the bank account and puts the funds into a separate account certified check
What is the best type of check to receive? certified check
T/F You cannot stop payment on a certified check true
T/F A certified check cannot be staledated true
a check wherein the same bank is both the drawer and the drawee cashier's check
a type of check that must be signed twice traveler's check
a check wherein one bank is drawer and another bank is drawee bank draft
a check with stubs or a carbon copy used as a record of who it is for, the amount, and date voucher check
an oral stop payment order on a check is good for ___ ___ 14 days
a written & signed stop payment order on a check is good for ___ ___ 6 months
transferring from one person to another as a substitution for payment negotiation
the place of endorsement, located on left reverse side trailing edge
a piece of paper permanently affixed to the back side under the trailing edge allonge
T/F Misspelling a payee's name is not fatal to negotiation true
T/F If there is more than one payee, all must endorse true
an endorsement with the signature of the payee only with no added words blank endorsement
an endorsement made payable to another payee special endorsement
A blank endorsement will convert ____ paper to ____ paper order to bearer
an endorsement "for deposit only" restrictive endorsement
an endorsement that restricts the use of an instrument for a particular purpose restrictive endorsement
an endorsement that excludes endorsee from liability qualified endorsement
In order to make a qualified endorsement, you must include the words... "without recourse"
T/F All endorsers are liable for warranties true
Which endorsers are liable for payment ? blank, special & restrictive
Primary liability for payment on a draft lies with the... drawee/acceptor
Primary liability for payment on a note lies with the... maker
Secondary liability for payment on a draft lies with the... endorser (except qualified) & drawers
The words "_____ _____" before a signature makes the endorser primarily liable payment guaranteed
Created by: leahmurphy
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