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Bus Lawq2
| Question | Answer |
|---|---|
| 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
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