Question 1

What is the difference between a demand instrument and a time instrument?

Accepted Answer

The answer of What is the difference between a demand...

Question 2

[Auto Repair] Sam writes a check from his checking account with Banking International to pay Auto Repair for service work it performed on his vehicle.
-Under the UCC,what title does Sam hold?
A)Drawer
B)Payee
C)Owner
D)Payor
E)Drawee

Accepted Answer

A)The check is an order by a drawer to a drawee to pay a payee.When Sam wrote
the check to Auto Repair,it ordered Banking International to pay Auto Repair the funds.Therefore,Sam is the drawer.
B)The check is an order by a drawer to a drawee to pay a payee.When Sam wrote the check to Auto Repair,it ordered Banking International to pay Auto Repair the funds.Therefore,Sam is the drawer.
C)The check is an order by a drawer to a drawee to pay a payee.When Sam wrote the check to Auto Repair,it ordered Banking International to pay Auto Repair the funds.Therefore,Sam is the drawer.
D)The check is an order by a drawer to a drawee to pay a payee.When Sam wrote the check to Auto Repair,it ordered Banking International to pay Auto Repair the funds.Therefore,Sam is the drawer.
E)The check is an order by a drawer to a drawee to pay a payee.When Sam wrote the check to Auto Repair,it ordered Banking International to pay Auto Repair the funds.Therefore,Sam is the drawer.

Question 3

Under the UCC,what role does Banking International hold?
A)Payee
B)Drawer
C)Drawee
D)Payor
E)Owner

Accepted Answer

A)The check is an order by a drawer to a drawee to pay a payee.When Sam wrote
the check to Auto Repair,it ordered Banking International to pay Auto Repair the funds.Therefore,Banking International is the drawee.
B)The check is an order by a drawer to a drawee to pay a payee.When Sam wrote the check to Auto Repair,it ordered Banking International to pay Auto Repair the funds.Therefore,Banking International is the drawee.
C)The check is an order by a drawer to a drawee to pay a payee.When Sam wrote the check to Auto Repair,it ordered Banking International to pay Auto Repair the funds.Therefore,Banking International is the drawee.
D)The check is an order by a drawer to a drawee to pay a payee.When Sam wrote the check to Auto Repair,it ordered Banking International to pay Auto Repair the funds.Therefore,Banking International is the drawee.
E)The check is an order by a drawer to a drawee to pay a payee.When Sam wrote the check to Auto Repair,it ordered Banking International to pay Auto Repair the funds.Therefore,Banking International is the drawee.

Question 4

What are the two exceptions to the time-certain requirement for negotiability discussed in the text?

Accepted Answer

The answer of What are the two exceptions to the...

Question 5

List the seven requirements for an instrument to be negotiable.

Accepted Answer

The answer of List the seven requirements for an instrument...

Question 6

Which of the following is not a negotiable instrument?
A)Note
B)Certified check
C)Certificate of deposit
D)U)S.Dollars
E)Traveler's check

Accepted Answer

A)Although a negotiable instrument requires I fixed sum of money,money itself is
not a negotiable instrument.
B)Although a negotiable instrument requires I fixed sum of money,money itself is not a negotiable instrument.
C)Although a negotiable instrument requires I fixed sum of money,money itself is not a negotiable instrument.
D)Although a negotiable instrument requires I fixed sum of money,money itself is not a negotiable instrument.
E)Although a negotiable instrument requires I fixed sum of money,money itself is not a negotiable instrument.

Question 7

Under the UCC,what role does Auto Repair hold?
A)Payee
B)Payor
C)Owner
D)Drawer
E)Drawee

Accepted Answer

A)The check is an order by a drawer to a drawee to pay a payee.When Sam wrote
the check to Auto Repair,it ordered Banking International to pay Auto Repair the funds.Therefore,Auto Repair is the payee.
B)The check is an order by a drawer to a drawee to pay a payee.When Sam wrote the check to Auto Repair,it ordered Banking International to pay Auto Repair the funds.Therefore,Auto Repair is the payee.
C)The check is an order by a drawer to a drawee to pay a payee.When Sam wrote the check to Auto Repair,it ordered Banking International to pay Auto Repair the funds.Therefore,Auto Repair is the payee.
D)The check is an order by a drawer to a drawee to pay a payee.When Sam wrote the check to Auto Repair,it ordered Banking International to pay Auto Repair the funds.Therefore,Auto Repair is the payee.
E)The check is an order by a drawer to a drawee to pay a payee.When Sam wrote the check to Auto Repair,it ordered Banking International to pay Auto Repair the funds.Therefore,Auto Repair is the payee.

Question 8

Anne orally promises Julia that in return for Julia washing Anne's dog,Anne unconditionally promises to pay Julia $50 the next Wednesday.Is a contract formed,is it negotiable,and why or why not?

Accepted Answer

The answer of Anne orally promises Julia that in return...

Question 9

Provide the definition of a traveler's check.

Accepted Answer

The answer of Provide the definition of a traveler's check....

Question 10

Which of the following instruments would classify as a negotiable instrument?
A)A blank check.
B)A check that states,"Pay to the order of John Green."
C)A $100 bill.
D)A check payable to "X."
E)A check payable to "cash."

Accepted Answer

A)An order instrument is a document that names a specific payee.
B)An order instrument is a document that names a specific payee.
C)An order instrument is a document that names a specific payee.
D)An order instrument is a document that names a specific payee.
E)An order instrument is a document that names a specific payee.

Quiz 26: Negotiable Instruments: Negotiability and Transferability

What is the difference between a demand instrument and a time instrument?

[Auto Repair] Sam writes a check from his checking account with Banking International to pay Auto Repair for service work it performed on his vehicle. -Under the UCC,what title does Sam hold?

Under the UCC,what role does Banking International hold?

What are the two exceptions to the time-certain requirement for negotiability discussed in the text?

List the seven requirements for an instrument to be negotiable.

Which of the following is not a negotiable instrument?

Under the UCC,what role does Auto Repair hold?

Anne orally promises Julia that in return for Julia washing Anne's dog,Anne unconditionally promises to pay Julia $50 the next Wednesday.Is a contract formed,is it negotiable,and why or why not?

Provide the definition of a traveler's check.

Which of the following instruments would classify as a negotiable instrument?