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Bus Lawq2

QuestionAnswer
Which article governs the sale of personal property article 2
What type of property does article 2 not concerned with real estate, intangible, sale of services,
What is article 3 is concerned with negotiable instruments
T or F Risk of loss transfers to buyer: true
Consideration is expressed in a contract is known as price
in a contract of sale or sell what type of goods are we concerned with existing goods
In a contract to sell what type of goods are we concerned with future the sale of movable person property must be in the amount of 500 must be in writing
what is another term for non re sellable goods Specifically manufactured
what do we call the desingated point to which the seller bears the risk of loss Fob point
what does fob stand for Free on board
in a sale with right to return the sale is completed when the buyer returns the goods true
t/f a consignment is not a sale true
in england prior to 1400 special courts were set up to settle disputes laws called law of merchants
if commercial paper is made to bearer bearer paper
what is another term for a draft? Bill of exchange
in order by one person ordering another person to pay a certain sum of money to a 3rd person payable on demand draft
the person that executes a notes is called maker
the person that executes a drat is called drawer
the person ordered to pay a draft is called drawee
holder instrument designated to them
how many requirements are there for an instrument to become negotiable? 7
t/f an instrument must be in writing and signed by the person executing it true
t/f the order or promise to pay an instrument must be unconditional...true the instrument must be for a fixed amount of money true
one of the requirements of a negotiable instrument must be designated payee and drawee
t/f if there is a conflict with the writing of the amount...must be in words true
to negotiate order paper you must have endorser and deliverer
to negotiate bearer paper you must have delivery which type of bond is non negotiable registered
which type of bond is negotiable coupon
what type of note is secured by personal property collateral
what type of note is secured by real property mortgage note
if a draft is both drawn and payable in the US it is domestic draft
another word for domestic draft inland
drawn up and payable outside the US foreign
a draft payable upon presentation is called site draft
a draft payable at a later date is called time draft
a draft drawn up by the seller of the device is called trade acceptance
who is the drawer on a trade acceptance seller
who is the drawee on a trade acceptance buyer
what do we call a check that requires a signature and a counter signature Travelers check
a check with a voucher attached voucher check
a check that is presented more than 6 months after its date stale
an endorsement on a check must be made trailing edge
paper firmly attached to a check allonge
if a check is made payable to both husband and wife need both sighnatures
an endorsement consisting of the endorser only blank
an endorsement designated to a particular person special endorsement
all endorsers are liable for payment on an instrument false
who are the parties primarily liable for the payment on the negotiable instrument drawee and acceptors
Secondarily reliable endorsers and drawers
what do we call the defenses against all holders except hdc limited
what do we call the defensses including hdc universal
t/f ordinary contract defenses are universal defenses false
t/fevery contract defense except being a minor is a universal defense false
what type of defense is forgery universal
what type of defense is fraud universal
Bearer person in possession of an instrument
Bearer Paper a commercial paper payable to bearer; i.e to the person having possession of such
Bill of lading the contract existing between the consignor (shipper) and the carrier
Bill of Sale a document of conveyance that provides written evidence of one's title to tangible personal property
Blank endorsment having no words other than the signature of the endorser
Cashier Check a check drawn on a bank's own funds and signed by a responsible bank official
certificate of deposit the acknowledgement by a bank of a receipt of money with an agreement of repayment
certified check a check for which the bank assures that the drawer has sufficient funds to make payments
check an order by a depositor on the bank to pay a sum of money to a payee
commercial paper(Negotiable instrument) a writing drawn in a special form which can be transferred from person to person as a substitute for money or as an instrument of credit
consignee one to whom goods are shipped by common carrier
consignor one who ships goods by common carrier
contract to sell an agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price), at a future time
Created by: JacobFisher