Multiple Choice
Which of the following best describes cancellation?
A) It is the act that indicates intention to destroy validity of an instrument.
B) It is the act of a third party refuting the rights of the holder of an instrument.
C) It is the act that indicates intention to physically destroy of an instrument.
D) It is the unilateral act of holder giving up rights in the instrument.
Correct Answer:
Verified
Correct Answer:
Verified
Q4: A special endorsement is one having no
Q6: A cancellation made by mistake is not
Q10: The trailing edge is the right side
Q13: Which of the following is true of
Q14: is a unilateral act of a holder
Q17: The warranty liability of a qualified indorser
Q18: A indorsement designates the particular person to
Q18: A qualified indorser warrants that the signatures
Q19: A(n)is a signature on the back of
Q20: The Uniform Commercial Code does not require