Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
business law q2
final
| Question | Answer |
|---|---|
| an important distinctions that exists between a sale and a contract to sell is that in a sale | the title compasses immediately |
| which of the following contracts could be found to govern by the UCC | smith buys a new washing machine and installation charges are included |
| if a sales contract does not expressly set forth the sale price | the court will fill in a reasonable price if possible |
| the statute of frauds provisions of the UCC requires contracts concerning the sales of goods which are governed by the UCC to be in writing if | the sale price is $500.00 or more |
| the UCC allows the courts to fill in terms of a sales contract that the parties to the contract neglect to set out, with one exception and that is | quantity |
| a person who becomes the holder of an instrument through an endorsement | endorsee |
| the UCC governs | sale of moveable personal property |
| if the parties fail to set forth in their contract weather the sale is sale on approval or sale with right to return, the contract is | sale on aproval if involving consumer goods |
| a negotiable order instrument is negotiated by | endorsement and delivery |
| the one to whom a negotiable instrument is made payable | payee |
| the one who ordered to pay a draft | drawee |
| the one who executes a draft | drawer |
| when a non negotiable contract is transferred by assignment, the assignee recieves | only the rights of the assigner and no more |
| a document delievered to John Smith, by Jones, would state Dear John Smith, I owe you $20 and was signed by Jones is | non negotiable |
| Unsecured notes issued by a business usually a corperation that is essentially a promisary note and is usually negotiable is a | debenture note |
| a nonnegotiable note is generally issued by a corporation, municipality or a government payable to a named person is a | registered bond |
| a non negotiable note is generally issued by a corperation payable to a bearer with detachable stubs to be presented and exchanged for the periodic interest due is a | coupon bond |
| where the drawee of a draft is ordered to pay the money a certain number of days or months after the date on the instrument is a | time draft |
| a check is essentially a | sight draft |
| in a contract to sell goods the title passes on and is delivered | in the future |
| a person who executes a promisary note is a | maker |
| a written order signed by one person requiring the person to whom it is addressed to pay a sum certain in money to a third party on demand or at a particular time is called a | draft |
| where the drawee of a draft is ordered to pay the money non negotiable note is generally issued by a corperation, a certain number of days or months after presentment or acceptance it is a | time draft |
| where the drawee of a draft is orderd to pay the money upon presentation by the payee or holder it is a | sight draft |
| a check for $500.00 which is properly signed and is payable to the order of cash is a | negotiable bearer instrument |
| an individual's check which has been accepted and signed by a bank official is a | cashier's check |
| a check in which one bank is drawer and a different bank is the drawee is | a bank draft |
| if a bank improperly refuses to pay a check | it is liable to the drawer for damages |
| an order to stop payment on a check is valid | 14 days if oral, if given by the drawer, if given before the check is paid |
| a check in which one bank is both drawer and drawee | cahsier's check |
| a check which is drawn prior to the time it is dated is known as a | post dated check |
| an IOU can be negotiable if in writing true or false? | false |
| a check drawn by one bank on another bank in which it has funds is a | bank draft |
| the parties who are generally primarily liable as a result of the order or promise written on the face of a negotiable instrument are the | maker and drawee who accepted |
| the parties who are generally secondarily liable on a negotiable instrument are the | endorser and drawer |
| which of the following is primarily liable on a promissary note | maker |
| generally the following conditions must occur before a holder can look to the parties who are secondarily liable on a negotiable instrument | presentment, dishonor, notice of disonor |
| an endorsement that limits the liability of the endorser as when an endorsement contains the words "wothout recourse" is a | qualified endorsement |
| an endorsement which attempts to prevent the payment of an instrument until the happening of an event is a | conditional endorsement |
| an endorsement designating the particular person to whom payment is to be made is a | special endorsement |
| a forgery is a limited defense true or false? | false |
| ordinary contract defenses are considered | limited defenses |
| after his immediate transferee, one who negotiates a bearer instrument by delivery alone | does not guarentee payment, warrants validity of the instrument, warrants the capacity of the prior parties |
| by indorsing an instrument all endorsers accept a qualified endorser | agree to pay any subsequent holder the face of the instrument |
| an endorsement having no words other than the name of the endorser is a | blank endorsement |
| although one who negotiates a bearer instrument by delivery alone does not guarentee payment, he is liable to his immediate transferee aa a warrantor of | the genuineness of and his title to the instrument |
| an endorsement which attempts to prevent the use of an instrument for anything except the stated use as when it is endorsed to a bank or collection is a | restrictive endorsement |
| a person who properly takes from the payee a negotiable instrument which is payable to order to value and good faith, the day after it is due without notice of any defense or adverse claim to the intrument can be best described as an | endorsee |
| a person who properly takes a negotiable order instrument on its due date in good faith without notice of any defense or adverse in exchange for his automobile can be described as a | holder in due course |
Created by:
kvulgaris