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Exam- Business Law Final Ivy Tech; Questions and Answers 100% Solved
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Exam- Business Law Final Ivy Tech; Questions andAnswers 100% Solved
On behalf of Bubbly Drinks Company, Calvin signs an instrument in which he promises to
deliver 100 cases of soda as payment to Dispatch & Delivery, Inc., on April 1. This instrument
is Correct-nonnegotiable, because soda is not a medium of exchange authorized or
adopted by a government as currency.
Vera gives Will a $500 check as payment for a debt. Will crudely increases the amount of the
check to $5,000 and deposits the check in his First Bank account. Vera is liable for the
payment of $5,000 to Correct-no one.
A trade acceptance is created when, as part of a deal to buy wheat from Moyo, Naruta signs a
draft ordering the buyer to pay for the wheat within ninety days. Correct-True
To most securely minimize the risk of loss on a loan evidenced by a note, a creditor needs only
the debtor's promise that the note will be paid. Correct-False
Home Products, Inc., warrants its goods to be free of defects. Ian issues an instrument to
Home Products for the purchase of a thermos that leaks. With respect to payment on the
instrument, Ian Correct-has a personal defense against it.
, Exam- Business Law Final Ivy Tech; Questions and
Answers 100% Solved
A holder will be deemed to have notice of a defect in an instrument if he or she has reason to
know that it exists, given all the facts and circumstances known at the time. Correct-True
The holder of a note who needs the funds owed on it can transfer it for cash to a third party,
whom the maker must pay when the note comes due. Correct-True
Both stored-value cards and smart cards contain microchips with security programming that
can authenticate the validity of a financial transaction. Correct-False
When a bank draws a check on itself, the check is a negotiable instrument at the moment it is
issued. Correct-True
A check may fall under Uniform Commercial Code Article 3 as a negotiable instrument and be
subject to UCC Article 4 in the course of collection. Correct-True
A customer's negligence cannot shift the loss when payment is made on a check with an
altered amount. Correct-False
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