Multiple Choice
Warranty liability is
A) The guarantee that the drawee has sufficient funds to cover the negotiable instrument.
B) The legal liability of someone who receives payment on an instrument.
C) The equitable liability of someone who receives payment on the instrument.
D) The guarantee that the negotiable instrument is free from fraud.
Correct Answer:
Verified
Correct Answer:
Verified
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Q27: Secondary liability arises only when the primary
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Q29: All of the following are defenses against
Q30: Lola presents a check, dated June 7th,
Q32: An instrument can be presented within any
Q33: A guarantee made by operation of law
Q34: In a moment of weakness, realizing the
Q35: An instrument can be discharged by a
Q36: Another word for principal is<br>A) Representative<br>B) Agent<br>C)