Bus Lawq2
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| Which article governs the sale of personal property | article 2
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| What type of property does article 2 not concerned with | real estate,
intangible, sale of services,
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| What is article 3 is concerned with | negotiable instruments
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| T or F Risk of loss transfers to buyer: | true
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| Consideration is expressed in a contract is known as | price
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| in a contract of sale or sell what type of goods are we concerned with | existing goods
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| 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
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| what is another term for non re sellable goods | Specifically manufactured
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| what do we call the desingated point to which the seller bears the risk of loss | Fob point
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| what does fob stand for | Free on board
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| in a sale with right to return the sale is completed when the buyer returns the goods | true
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| t/f a consignment is not a sale | true
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| in england prior to 1400 special courts were set up to settle disputes laws called | law of merchants
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| if commercial paper is made to bearer | bearer paper
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| what is another term for a draft? | Bill of exchange
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| in order by one person ordering another person to pay a certain sum of money to a 3rd person payable on demand | draft
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| the person that executes a notes is called | maker
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| the person that executes a drat is called | drawer
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| the person ordered to pay a draft is called | drawee
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| holder | instrument designated to them
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| how many requirements are there for an instrument to become negotiable? | 7
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| t/f an instrument must be in writing and signed by the person executing it | true
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| 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
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| one of the requirements of a negotiable instrument must be designated | payee and drawee
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| t/f if there is a conflict with the writing of the amount...must be in words | true
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| to negotiate order paper you must have | endorser and deliverer
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| to negotiate bearer paper you must have delivery which type of bond is non negotiable | registered
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| which type of bond is negotiable | coupon
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| what type of note is secured by personal property | collateral
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| what type of note is secured by real property | mortgage note
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| if a draft is both drawn and payable in the US it is | domestic draft
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| another word for domestic draft | inland
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| drawn up and payable outside the US | foreign
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| a draft payable upon presentation is called | site draft
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| a draft payable at a later date is called | time draft
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| a draft drawn up by the seller of the device is called | trade acceptance
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| who is the drawer on a trade acceptance | seller
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| who is the drawee on a trade acceptance | buyer
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| what do we call a check that requires a signature and a counter signature | Travelers check
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| a check with a voucher attached | voucher check
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| a check that is presented more than 6 months after its date | stale
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| an endorsement on a check must be made | trailing edge
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| paper firmly attached to a check | allonge
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| if a check is made payable to both husband and wife | need both sighnatures
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| an endorsement consisting of the endorser only | blank
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| an endorsement designated to a particular person | special endorsement
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| all endorsers are liable for payment on an instrument | false
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| who are the parties primarily liable for the payment on the negotiable instrument | drawee and acceptors
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| Secondarily reliable | endorsers and drawers
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| what do we call the defenses against all holders except hdc | limited
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| what do we call the defensses including hdc | universal
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| t/f ordinary contract defenses are universal defenses | false
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| t/fevery contract defense except being a minor is a universal defense | false
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| what type of defense is forgery | universal
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| what type of defense is fraud | universal
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| Bearer | person in possession of an instrument
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| Bearer Paper | a commercial paper payable to bearer; i.e to the person having possession of such
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| Bill of lading | the contract existing between the consignor (shipper) and the carrier
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| Bill of Sale | a document of conveyance that provides written evidence of one's title to tangible personal property
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| Blank endorsment | having no words other than the signature of the endorser
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| Cashier Check | a check drawn on a bank's own funds and signed by a responsible bank official
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| certificate of deposit | the acknowledgement by a bank of a receipt of money with an agreement of repayment
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| certified check | a check for which the bank assures that the drawer has sufficient funds to make payments
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| check | an order by a depositor on the bank to pay a sum of money to a payee
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| 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
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| consignee | one to whom goods are shipped by common carrier
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| consignor | one who ships goods by common carrier
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| 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
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