Exam 24: B: The Function Creation of Negotiable Instruments

On behalf of Digital Cable Company,Elvin signs an instrument in which he promises to deliver 1,000 feet of optic fiber cable to Financiers eBank on March 1.This instrument is

(Multiple Choice)

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Question 21

An instrument is not negotiable if it is not payable at a definite time.

(True/False)

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Question 22

On a sheet of paper,Elle writes,without her signature,"I acknowledge that I owe Frank $600,payable out of the proceeds of the sale of my car,a 1995 Honda Civic,which I promise to advertise 'For Sale' next week.Payment is to be made on or before six months from today." What type of instrument is this? Is it nego?tiable? If not,why not?

(Essay)

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Question 23

A mere reference in an instrument to another writing makes the promise or order conditional.

(True/False)

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Question 24

To be negotiable,an instrument must not be on material that lends itself to permanence.

(True/False)

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Question 25

Hayley signs an instrument payable to the order of InstaCredit,Inc. ,that allows a holder to demand payment of the entire amount due,with inter?est,if Hayley fails to make a payment.This instrument is

(Multiple Choice)

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Question 26

To finance the purchase of a house from Tuna,Uri signs an instrument promising to pay to "Verity Mortgage Service" $160,000 with interest in installments with the final payment due July 10,2042.To be negotiable,this instrument must include the signature of

(Multiple Choice)

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Question 27

Shad signs a promissory note payable to Theresa "with interest" on which he conspicuously notes that it is "nonnegotiable." This instru?ment is

(Multiple Choice)

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Question 28

A certificate of deposit is a type of note.

(True/False)

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Question 29

Any person in possession of a negotiable instrument payable to bearer is a holder.

(True/False)

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Question 30

On a trade acceptance,the drawer is also the drawee.

(True/False)

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Question 31

A statement in an instrument that payment can be made only out of a particular fund or source renders it nonnegotiable.

(True/False)

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Question 32

A check is a time instrument because it is payable in due time.

(True/False)

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Question 33

Fact Pattern 24-2A Commodity Sales Corporation and Resource Purchasing Company enter a contract for a sale of unprocessed silver.Commodity Sales draws a draft unconditionally ordering Resource Purchasing to pay $50,000 to Commodity Sales's order in sixty days.Resource Purchasing signs and dates the draft. -Refer to Fact Pattern 24-2A.This instrument is

(Multiple Choice)

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Question 34

Locke signs a check payable to the order of Metro Bank,filling in the blanks for the amount with the figures "$100" and "One thousand and 00/100 dol?lars." This check is payable in the amount of

(Multiple Choice)

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Question 35

For an instrument to be negotiable,it must be in writing.

(True/False)

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Question 36

An undated instrument is not negotiable.

(True/False)

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Question 37

A negotiable instrument can function as a substitute for cash.

(True/False)

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Question 38

Quincy draws a check payable to "Replay Stadium" to buy two season tickets to the next year's State College football games.This instrument is

(Multiple Choice)

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Question 39

For an instrument to be negotiable,it must not contain an express promise or order to pay.

(True/False)

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Question 40

Showing 21 - 40 of 42

Exam 24: B: The Function Creation of Negotiable Instruments

On behalf of Digital Cable Company,Elvin signs an instrument in which he promises to deliver 1,000 feet of optic fiber cable to Financiers eBank on March 1.This instrument is

An instrument is not negotiable if it is not payable at a definite time.

A mere reference in an instrument to another writing makes the promise or order conditional.

To be negotiable,an instrument must not be on material that lends itself to permanence.

Hayley signs an instrument payable to the order of InstaCredit,Inc. ,that allows a holder to demand payment of the entire amount due,with inter?est,if Hayley fails to make a payment.This instrument is

To finance the purchase of a house from Tuna,Uri signs an instrument promising to pay to "Verity Mortgage Service" $160,000 with interest in installments with the final payment due July 10,2042.To be negotiable,this instrument must include the signature of

Shad signs a promissory note payable to Theresa "with interest" on which he conspicuously notes that it is "nonnegotiable." This instru?ment is

A certificate of deposit is a type of note.

Any person in possession of a negotiable instrument payable to bearer is a holder.

On a trade acceptance,the drawer is also the drawee.

A statement in an instrument that payment can be made only out of a particular fund or source renders it nonnegotiable.

A check is a time instrument because it is payable in due time.

Locke signs a check payable to the order of Metro Bank,filling in the blanks for the amount with the figures "$100" and "One thousand and 00/100 dol?lars." This check is payable in the amount of

For an instrument to be negotiable,it must be in writing.

An undated instrument is not negotiable.

A negotiable instrument can function as a substitute for cash.

Quincy draws a check payable to "Replay Stadium" to buy two season tickets to the next year's State College football games.This instrument is

For an instrument to be negotiable,it must not contain an express promise or order to pay.

A: Introduction to Law and Legal Reasoning

B: Introduction to Law and Legal Reasoning

C: Introduction to Law and Legal Reasoning

D: Introduction to Law and Legal Reasoning

A: Courts and Alternative Dispute Resolution

B: Courts and Alternative Dispute Resolution

A: Court Procedures

B: Court Procedures

A: Constitutional Authority to Regulate Business

B: Constitutional Authority to Regulate Business

A: Ethics and Business Decision Making

B: Ethics and Business Decision Making

A: Intentional Torts and Privacy

B: Intentional Torts and Privacy

A: Negligence and Strict Liability

B: Negligence and Strict Liability

C: Negligence and Strict Liability

D: Negligence and Strict Liability

A: Intellectual Property and Internet Law

B: Intellectual Property and Internet Law

A: Criminal Law and Cyber Crimes

B: Criminal Law and Cyber Crime

A: Nature and Terminology

B: Nature and Terminology

C: Nature and Terminology

D: Nature and Terminology

A: Agreement in Traditional and E-Contracts

B: Agreement in Traditional and E-Contracts

A: Consideration

B: Consideration

A: Capacity and Legality

B: Capacity and Legality

A: Mistakes,fraud,and Voluntary Consent

B: Mistakes,fraud,and Voluntary Consent

A: The Statute of Frauds

B: The Statute of Frauds

A: Third Party Rights

B: Third Party Rights

A: Performance and Discharge

B: Performance and Discharge

A: Breach of Contract and Remedies

B: Breach of Contract and Remedies

A: The Formation of Sales and Lease Contracts

B: The Formation of Sales and Lease Contracts

C: The Formation of Sales and Lease Contracts

D: The Formation of Sales and Lease Contracts

A: Title,risk,and Insurable Interest

B: Title,risk,and Insurable Interest

A: Performance Breach of Sales Lease Contracts

B: Performance Breach of Sales Lease Contracts

A: Warranties and Product Liability

B: Warranties and Product Liability

A: International Law in a Global Economy

B: International Law in a Global Economy

A: The Function Creation of Negotiable Instruments

C: The Function Creation of Negotiable Instruments

D: The Function Creation of Negotiable Instruments

A: Transferability and Holder in Due Course

B: Transferability and Holder in Due Course

A: Liability,defenses,and Discharge

B: Liability,defenses,and Discharge