Mhr 461 - Study guides, Class notes & Summaries

MHR 461 Ch8 property law Exam Questions and answers The ____ requires that governments must pay compensation when taking private land without the landowner's consent. - answersFifth Amendment of the Constitution Governments must pay just compensation when exercising the right of eminent domain. Just compensation is usually the: - answersfair market value When a local government regulates the way in which homeowners may use their land, this is an exercise of the government's: -...

MHR 461 Ch 13 negotiable instruments Exam Questions and Anwers A negotiable instrument is a promise by one party to pay a undefined sum of money to another party. There are two parties: the maker and the payee. While the amount to be paid may vary, the date of payment must be set at a specific time in the future. - answersFalse A negotiable instrument may be transferred in two basic ways. If the instrument is made "to the order" of the payee, the payee must (1) endorse the instrume...

MHR 461 Ch13 Secured transactions Exam Questions and Answers A buyer in the ordinary course of business takes collateral free of a perfected security interest created by the buyer's seller. - answersTrue A buyer of goods who buys without knowledge of a security interest, for value, and primarily for personal, family, or household purposes takes the goods: - answersfree of any purchase money security interest automatically perfected. A debtor must sign a written security agreement f...