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Question
John borrowed money from Alvin to buy school supplies. He drew up and signed the following promissory note, "IOU, Alvin Anderson, the sum of $20 for value received. John Adams." Is the note a negotiable instrument?
Answer
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Related questions
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The Consumer Product Safety Act (CPSA):
A. provides civil penalties against those who knowingly and willfully violate CPSC rules even after being issued notification by it.
B. allows only the U.S. attorney general to sue for injunctive relief or the seizure of products to enforce various provisions of the act.
C. permits any private party to sue for an injunction to enforce any CPSC rule or order, if, at the time of the suit, the commission or the attorney general has begun an action based on the alleged violation.
D. allows those injured because of a knowing and willful violation of a CPSC rule or order to sue for damages if the amount in controversy exceeds $100,000.
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The Consumer Product Safety Commission's authority is applicable to ___.
A. firearms
B. drugs
C. cosmetics
D. lawn mowers
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The Holder in Due Course rule:
A. alters statutes of limitations or other state-created limitations on the consumer's enforcement of claims and defenses.
B. states that all defenses available to the purchaser against the seller can also be available against the holder in due course.
C. eliminates rights that the consumer may have as a matter of federal, state, or local law.
D. creates a warranty claim or defense where the product is sold "as is."
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The Equal Credit Opportunity Act:
A. is designed to protect consumers from unfair or inaccurate credit reporting.
B. requires online ads for free credit reports to disclose whether the consumer must buy credit monitoring or other products or services to get the report.
C. prohibits discrimination in credit transactions on grounds of sex, marital status, race, color, religion, national origin, and age.
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A. Yes, under the rescission right of the Truth in Lending Act.
B. No, because the transaction involved more than $25,000 and was, therefore, not covered by the rescission right in the Truth in Lending Act.
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B. allowing penalties to exceed the minimum balance due.
C. prohibiting double-cycle billing.
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The FTC requires used car dealers to display a "Buyer's Guide" on each car that tells whether the car is covered by a warranty.
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According to the ____, when the insured has purchased insurance policies from more than one insurer, the loss will be apportioned among the insurance companies.
A. coinsurance clause
B. pro rata clause
C. exculpatory clause
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B. $9,000
C. $30,000
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The coinsurance clause:
A. requires the insured to insure the property to at least 80 percent of its fair market value in order to fully recover the value of partial losses.
B. usually allows the insured to recover the difference between the limits stated in the policy and the fair market value of the property.
C. places no restriction on the individual's right to recovery.
D. requires the insured to pay up to a certain amount each year before the insurer's payment obligation begins.
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Open policies allow the insured to recover:
A. the fair market value of the property at the time it was destroyed, up to the limits stated in the policy.
B. the difference between the limits stated in the policy and the fair market value of the property.
C. the fair market value of the property, even if that value exceeds the limits stated in the policy.
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In life insurance contracts:
A. the rate of the premiums to be paid decreases if the face value increases.
B. the loan value decreases as the age of the policy increases.
C. the rate of the premiums to be paid depends on the face value of the policy.
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An insurance policy taken out by a minor is not voidable at the election of the minor.
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A. the trust will automatically fail.
B. the court will direct the application of the property to some charitable purpose that falls within the settlor's general charitable intention.
C. the court will direct that the property be directed to the state for use in a socially-responsible and "reasonably prudent" manner.
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Under the implied warranty of quiet enjoyment, a landlord:
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C. can enter the leased property anytime as long as he/she does so quietly.
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A. tenancy at will
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Where damage to leased property arises through no fault of the tenant, that tenant still has a duty to take interim steps in order to prevent further damage from the elements.
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Landlords attempt to limit their liability through exculpatory clauses.
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A tenant who remains in possession of the property after the expiration of a lease cannot be made part of a new tenancy.
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A teller's check:
A. is a draft drawn by a bank on any other financial institutions other than a bank.
B. is a check drawn by a bank on an individual's funds.
C. is a draft on which the drawer or drawee are the same bank.
D. is a draft drawn by a bank on another bank or payable at or through a bank.