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Question
On March 1 Donna wrote a check for $296 to Sun Services. When will the check be overdue? What is the effect of the check's being overdue? What is the effect if the check is stamped "Insufficient Funds" by Donna's bank?Answer
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Related questions
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Sandy may be charged a fee, but will not face criminal penalties for writing checks on an account with insufficient funds to pay them. a. True b. False
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Nelson writes Leah a check for mowing his lawn. Leah deposits the check in her bank, but it is not paid by Nelson's bank. Leah calls Nelson to notify him that her bank returned his check to her unpaid. Leah's notice of the dishonor is insufficient; she must provide written notice. a. True b. False
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Explain when presentment warranties apply. Identify the presentment warranties on a check and a promissory note.
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Mack writes a check to his maid, Marianne, in payment for services rendered. Marianne indorses the check in blank and gives the check to her masseuse, Janet, in exchange for a neck massage. Without indorsing the check, Janet gives the check to Martin, her newspaper carrier in payment for the next four month's delivery charges. Martin indorses with a special indorsement and negotiates the check to his church, St. Mark. The church indorses the check and deposits it in its bank account. If Mack's bank later dishonors the check, to whom may St. Mark's look for recovery? a. Martin only b. Only Mack c. Mack, Marianne, Janet, and Martin d. Mack, Marianne, and Martin
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Cecilia made a check out to Gideon for $15. Gideon fraudulently changed the check to read $150, and cashed it at Corner Bank. Is Cecilia discharged from liability on the check? a. Yes, Cecilia owes nothing on the check because alteration of a check is a real defense and real defenses are good even against holders in due course. b. No, Cecilia pays $150 because of the impostor rule. c. No, Cecilia pays $150 because she in not an indorser or accommodation party. d. Yes, Cecilia owes nothing unless Corner Bank is a holder in due course in which case she owes the original $15.
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Generally, indorsers are not liable under signature liability if a. they write the words "without recourse" next to their signatures on the instrument. b. they are not the drawee. c. a check is presented for payment within 30 days after the indorsement. d. they are an accommodation party.
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Micah signed a check in the lower right-hand corner and Andrew signed on the back. The presumption is that a. Micah is the issuer. b. Micah is the acceptor. c. Andrew is the drawer. d. Andrew is the maker and Micah is an indorser.
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Matt wrote a $500 check to Alistar for some yard work that Alistar had done. What will Alistar have to do negotiate this instrument to Totally Tough, Inc. in payment for some yard equipment Alistar had bought?
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A "holder" of order paper can be described as a. the payee. b. any person in possession of the instrument. c. any person in possession of the instrument if it is payable to or indorsed to him. d. the first party to come in contact with a negotiable instrument.
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An instrument is negotiable if it satisfies six standards. Which of the following is a standard of negotiability? a. The instrument can be oral provided there is proof beyond a reasonable doubt. b. The instrument must be signed by the payee. c. The instrument must be conditional. d. The instrument must state a definite sum of money.
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To be negotiable, a check must be in writing. Under the UCC, a check a. must be written on standard size paper of 6" × 5." b. must be written on an official bank form. c. need not be on any official form or even on paper. d. must be written on a pre-printed bank issued check.
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Francenie has a checking account at Corner Bank. She wants tickets to an upcoming concert. She writes a check to Ticketmaster for the cost of two tickets. In this scenario: a. Francenie is the drawee, Corner Bank is the drawer, and Ticketmaster is the payee. b. Francenie is the maker, Corner Bank is the drawee, and Ticketmaster is the payee. c. Francenie is the drawer, Corner Bank is the drawee, and Ticketmaster is the payee. d. Francenie is the payee, Corner Bank is the drawer, and Ticketmaster is the maker.
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A claim in recoupment can be used against a holder in due course. a. True b. False
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Margo is in possession of a check issued to her by Felix. The check states, "Pay to the order of Margo." If Margo wishes to transfer the check to Pete to pay a debt she owes him, all she needs to do is strike out her name on the front of the check, write in Felix's name and give it to him. a. True b. False
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Explain the difference between attachment and perfection.
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Faith owns a copyright in a book she recently wrote. She applies for a $10,000 loan through Cumberland Bank and wants to use the copyright as collateral. Explain if and how the bank can perfect a security interest in such collateral.
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The initial term for which a financing statement will be effective is a. one year. b. five years. c. ten years. d. two years.
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Crytrin Manufacturing, Inc. contracted with Molfrey, Inc. to manufacture three large pieces of equipment. The contract contained a clause stating that Crytrin agreed to repair or replace any defective equipment, but that was the only remedy Molfry would have. This clause a. is an effective disclaimer. b. will not keep Molfry from obtaining consequential damages since, under the UCC, consequential damages cannot be excluded. c. is a limitation of remedy clause, which limits or excludes normal remedies permitted under the UCC. d. limits any express warranties made by Crytrin.
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A sales representative at Oxtren, Inc. orally told the purchasing agent at Wety, Inc. that its industrial saw is exceptional. Which statement is correct concerning the claim that the saw is exceptional? a. The claim is an express warranty. b. The claim is an implied warranty of merchantability. c. The claim is not a warranty because it is not in writing. d. The claim is not a warranty because it is sales puffery.
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Graham purchased a car and subsequently sold it to Harlow. Harlow paid full value for the car and had no reason to know that Graham had stolen the car and did not own the title. Which of the following best describes this situation? a. Graham had good title and Harlow gets good title. b. Graham had good title and Harlow gets a voidable title. c. Graham had void title and Harlow gets void title. d. Graham had void title and Harlow gets good title.
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The term F.O.B.: a. can indicate a destination or shipment contract. b. stands for "freight on board." c. requires the seller to insure the goods for the buyer's benefit. d. shifts the risk of loss to the buyer when the goods are identified.
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On impulse, you purchase a travel trailer and ask your acquaintance, Max, if you can leave the trailer at the edge of his restaurant's parking lot until you can have a concrete pad built to store the trailer on your property. Max agrees. When you return for the trailer the next week, it is gone and you find out that Max sold it. You can a. recover the trailer because Max did not have any ownership interest to pass. b. recover, but only if Max bought insurance to cover the trailer while it was on his property. c. not recover because you "entrusted" the trailer to Max, who then had a right to sell it. d. not recover because Max had only a voidable title to transfer.
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Ruppart Manufacturing has a contract for the sale of 100 cases of teaching supplies to Teachers Co-op, Inc. Payment of the order is to be made in installments over the next year. Ruppart Manufacturing keeps a security interest in the cases sold to assure payment by Teachers Co-op, Inc. When the order is completed, Ruppart ships the order. Legally a. both Ruppart and Teachers have an insurable interest in the supplies. b. only Ruppart has an insurable interest in the supplies. c. only Teachers has an insurable interest in the supplies. d. neither Ruppart nor Teachers has an insurable interest in the supplies.
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Even though a car has an obvious dent in the rear quarter panel, the salesperson tells a potential customer, "This car has never been in an accident." The salesperson's statement creates a valid express warranty. a. True b. False
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You leave your watch with Bryte Jewelers for repair. Bryte could not transfer ownership interests in the watch to a customer of the jewelry shop without your permission. a. True b. False
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Regardless of the language of the contract, title to goods passes to the buyer at the time and place at which the seller physically delivers the goods. a. True b. False
Q:
Which of the following is TRUE regarding an open price term? a. It makes the contract unenforceable. b. The price may be fixed by the seller. c. The price is the "reasonable" price at the time of delivery. d. The price is set by the buyer.
Q:
The difference between the UCC requirement of good faith and doctrine of unconscionability is that a. good faith prohibits shockingly one-sided terms in a contract. b. good faith focuses on the parties' behavior as they perform the contract. c. unconscionability looks at the parties' attempt to carry out the terms of the contract in a reasonable manner. d. unconscionability focuses on whether a party is honest in fact and exercises reasonable commercial standards of fair dealing.
Q:
Which of the following contracts is most likely to be declared unconscionable? a. A consumer sales contract which charges 300 times the fair market value of the goods. b. A consumer sales contract which limits the consumer's remedies to repair or replacement. c. A contract between wholesaler and retailer which adds delivery charges at 15% of the costs of the goods. d. A sales contract between wholesaler and retailer which limits remedies such as consequential damages.
Q:
In a "mixed contract," one involving a sale of both goods and services, the court will a. apply the UCC to the provisions of the contract involving the sale of goods and the common law to the provisions involving the sale of services. b. apply the lex mercatoria to the contract. c. first determine the dominant purpose of the contract. If the sale of goods dominates the contract, then the court will apply the law of the UCC, Article 2. If the sale of services dominates the contract, the court will apply the common law. d. apply UCC Article 2A.