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Question
(p. 573-574) What is the effect of Molly agreeing to give Sam a DVD in return for the book?
A. Molly and Sam have an enforceable contract, and Molly has also satisfied the negotiability condition regarding the form of payment.
B. Molly and Sam have an enforceable contract, but the agreement fails to satisfy the negotiability requirement that payment be in a sum certain in money.
C. Because payment is not in a sum certain for money, Molly and Sam do not have an enforceable contract nor does the agreement satisfy the negotiability requirement that payment be in a sum certain in money.
D. Because payment is not in a sum certain for money, Molly and Sam do not have an enforceable contract, but the requirement of negotiability regarding the form of payment has been satisfied.
E. Unless Sam acknowledges in writing that the fair market value of the DVD is equivalent to the value of the book he provided to Molly, there is no enforceable contract nor is the agreement negotiable.
Answer
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Related questions
Q:
(p. 687) Which of the following is true regarding type of judicial liens?
A. Attachments, writ of execution, and garnishment are types of judicial liens.
B. Writ of execution and attachments are types of judicial liens, but garnishments are not.
C. Garnishments and writ of execution are types of judicial liens, but attachments are not.
D. Writ of execution are a type of judicial lien, but garnishments and attachments are not.
E. Attachments are a type of judicial lien, but garnishments and writ of execution are not.
Q:
(p. 684) Which of the following was the result in Bend Tarp and Liner Inc., v. Bundy, the case in the text in which the plaintiff filed a lien and instituted foreclosure proceedings in connection with a dispute involving payment for a pond liner following the defendant's refusal to pay based on an alleged tear in the liner?
A. That the plaintiff installed a defective liner and was not entitled to foreclose.
B. That the plaintiff properly installed the liner and was entitled to foreclose.
C. That the plaintiff properly installed the liner but was not entitled to foreclose because a section of the wall of the pond collapsed and the liner did not serve the purpose for which it was requested.
D. That although the plaintiff had installed a defective liner, the plaintiff was entitled to foreclose because the defendant did not object to the lien within 10 days.
E. That although the plaintiff had installed a defective liner, the plaintiff was entitled to foreclose because the defendant did not object to the lien within 30 days.
Q:
(p. 684) An artisan's lien is a claim on ______ property.
A. Real, personal, and movable
B. Personal and real, but not movable
C. Movable but not personal or real
D. Personal, but not movable or real
E. Movable and real, but not personal
Q:
(p. 689) Which of the following is true regarding wage garnishment?
A. Wage garnishment is governed only by state law.
B. Wage garnishment is governed only by federal law.
C. Wage garnishment is governed only by local ordinance.
D. Both federal and state laws govern wage garnishment.
E. Garnishment is governed by contractual provisions not by state law, federal law, or local ordinance.
Q:
(p. 687) An artisan's lien remains in effect regardless of whether the artisan retains the property.
Q:
(p. 676) What rights, if any, does a creditor who does not wish to repossess collateral have in the event of a default and why might a creditor prefer a remedy other than repossession of collateral?
Q:
(p. 664) List three advantages discussed in the text associated with perfection by possession.
Q:
(p. 667) What does the UCC provide regarding protection in movable collateral that is moved from one state to another?
Q:
(p. 661) Set forth the steps that a creditor must take to become a secured party.
Q:
(p. 669) Which of the following is true regarding any compensation that Molly is entitled to from the bank because the bank did not timely file notice that it had no interest in her goods?
A. She may recover $100 from the bank.
B. She may recover $200 from the bank.
C. She may recover $500 from the bank.
D. She may recover $1,000 from the bank.
E. She may not recover anything unless she incurred damages; and, in that event, she may recover the amount of her compensatory damages.
Q:
(p. 675) How long does a debtor have in which to object to a secured party's retention of collateral to satisfy a debt?
A. 5 Days.
B. 10 Days.
C. 20 Days.
D. 30 Days.
E. 60 Days.
Q:
(p. 668) Which of the following is true regarding a secured party's interest in proceeds?
A. A secured party automatically has an interest in proceeds.
B. A secured party has an interest in proceeds only if the proceeds are taken into the possession of the secured party.
C. A secured party has an interest in proceeds only if a financing statement is filed on the proceeds.
D. A secured party has an interest in proceeds only if the secured party has a signed statement from the debtor granting an interest in proceeds.
E. The secured party may not acquire a security interest in proceeds.
Q:
(p. 647) Which of the following was the result on appeal in Merisier v. Bank of America, the case in the text in which the plaintiff sued challenging the bank's determination that based on her involvement, she was not entitled to funds obtained through alleged fraudulent use of her debit card?
A. On the basis that it was not clearly erroneous, the court on appeal upheld the lower court's decision in favor of the bank.
B. Although recognizing that no deference was due the trial court's decision in favor of the defending bank, the appellate court ruled in favor of the defending bank based on its own review of the facts.
C. The appellate court ruled in favor of the defending bank on the basis that because the plaintiff's PIN number was used, she had no right to recover for alleged fraudulent transactions.
D. The appellate court ruled in favor of the plaintiff because the decision of the lower court in favor of the defending bank was clearly erroneous.
E. Recognizing that no deference was due the trial court's decision in favor of the defending bank, the appellate court ruled in favor of the plaintiff because the evidence preponderated in her favor.
Q:
(p. 650) Bill did not keep a close watch on his ATM card. He discovered, however, when he started to purchase some presents for his girlfriend that it was missing. Unfortunately, over $1,000 had been fraudulent purchased using the card by the time he reported it missing. The first fraudulent charge was made 45 days before Bill reported to his bank that the card was missing. Bill is liable for which of the following?
A. $0
B. $50
C. $300
D. $500
E. $1,000
Q:
(p. 650) If a customer's ATM card is lost or stolen, the customer must notify the bank within _____ and if that is done, the customer is then liable for only the first _____ stolen.
A. 5 Days; $50
B. 3 Days; $100
C. 2 Days; $50
D. 7 Days; $100
E. 10 Days; $500
Q:
(p. 649) When money is transferred by an electronic terminal, telephone, or computer, this transfer is called a[n] ____.
A. Automatic fund transfer
B. Electronic fund transfer
C. Computer generated transfer
D. Wire transfer
E. Consumer electronic transfer
Q:
(p. 646) Assuming the bank is not negligent, in the case of multiple forgeries by the same wrongdoer, what is the effect of a customer's failure to ever notify the bank of the first forgery in regard to subsequent forgeries?
A. There is no effect because each forgery stands on its own.
B. The customer is barred from recovering on the subsequent forgeries.
C. The customer may recover on a subsequent forgery if it is reported to the bank within 5 days after the statement showing the subsequent forgery is received by the customer.
D. The customer may recover on a subsequent forgery if it is reported to the bank within 10 days after the statement showing the subsequent forgery is received by the customer.
E. The customer may recover on a subsequent forgery if it is reported to the bank within 15 days after the statement showing the subsequent forgery is received by the customer.
Q:
(p. 638) Under the ____, a bank has a duty to pay checks from a customer's account so long as the check is properly payable.
A. Account rule
B. Properly payable rule
C. Payability in fact regulation
D. Check pay rule
E. There is no such rule.
Q:
(p. 637) The Federal Reserve System consists of ______ central banks.
A. Six
B. Eight
C. Twelve
D. Twenty
E. Thirty
Q:
(p. 637) Which of the following is the bank ultimately responsible for granting funds for a check?
A. Depositary.
B. Payor.
C. Collecting.
D. Intermediary.
E. Transferring.
Q:
(p. 631) Which of the following is true regarding entities considered banks under the UCC?
A. Savings and loans and trust companies are considered banks, but credit unions are not.
B. Savings and loans and credit unions are considered banks, but trust companies are not.
C. Trust companies and credit unions are considered banks, but savings and loans are not.
D. Savings and loans, credit unions, and trust companies are all considered banks.
E. Only an entity holding itself out as a "bank" is considered a bank under the UCC, and therefore neither savings and loans, credit unions, nor trust companies are considered banks.
Q:
(p. 609) Which of the following is the likely result if Henry sues Anne, Bob, and Millie?
A. The judge is likely to rule that Henry can recover from Anne, Bob, or Millie; but in the event Anne pays Henry, she can recover from Bob or Millie; and in the event that Bob pays Henry, he can recover from Millie.
B. The judge is likely to rule that Henry's only option of recovery is against Millie.
C. The judge is likely to rule that Henry's only option of recovery is against Anne because she provided the note to him, but that Anne can recover from either Bob or Millie and that if Bob pays Anne, he can recover from Millie.
D. The judge is likely to rule that Henry can recover against Bob and that Bob may recover against Millie, but Henry cannot recover directly from Anne because she is too far removed from the maker.
E. The judge is likely to rule that Henry's only option for recovery is against Bob who may then recover against Millie.
Q:
(p. 574) In order to satisfy the requirement of negotiability that payment be at a time certain or on demand, acceleration of payment is not allowable.
Q:
(p. 571) An automated signature satisfies the UCC requirement that the signature of the creator appear in order for an instrument to be negotiable.
Q:
(p. 568) If an instrument fails to qualify as a negotiable instrument, that means that the instrument fails to be an enforceable contract.
Q:
(p. 570) Set forth the seven requirements for an instrument to be negotiable.
Q:
(p. 570) Which of the following is true regarding the instrument signed by Helen promising to pay William a 10% commission if he sold her car?
A. The instrument is negotiable.
B. The instrument is not negotiable only for the reason that it is based on a condition.
C. The instrument is not negotiable only for the reason that Helen is not a merchant.
D. The instrument is not negotiable only for the reason that it is not for a sum certain.
E. The instrument is not negotiable because it is based on a condition and also because it is not for a sum certain.
Q:
(p. 570) Which of the following is true regarding negotiable instruments as compared to contracts?
A. Similar to contracts, negotiable instruments require consideration.
B. Similar to contracts, negotiable instruments require offer and acceptance; but unlike contracts, negotiable instruments do not require consideration.
C. A negotiable instrument is a form of a contract and may be referred to as such.
D. Negotiable instruments lack the requirements of contracts involving consideration, offer, and acceptance.
E. Negotiable instruments require the same elements as contracts in regard to consideration, offer and acceptance.
Q:
(p. 573) Under the UCC which of the following statements is sufficient to make a promise or order to pay conditional?
A. "I promise to pay from the corporate account."
B. "I promise to pay as per the contract for the sale of goods between the parties."
C. "I promise to pay because I owe the money."
D. "I promise to pay if the following occurs."
E. "Borrower may pay without penalty all or a portion of the amount owed earlier than it is due."
Q:
(p. 571) Which of the following is true regarding whether an agent's signature may satisfy the requirement of negotiability that the signature of a maker or drawer appear?
A. A duly authorized agent's signature on behalf of his or her principal binds the principal and satisfies the signature requirement for negotiability.
B. An agent's signature on behalf of his or her principal cannot bind the principal and does not satisfy the signature requirement for negotiability.
C. An agent's signature on behalf of his or her principal binds the principal and satisfies the signature requirement for negotiability only if specific authorization from the principal allowing the agent to act on the specific transaction at issue is attached to the document.
D. A duly authorized agent's signature on behalf of his or her principal binds the principal and satisfies the signature requirement for negotiability only if the instrument is for an amount over $1,000.
E. A duly authorized agent's signature on behalf of his or her principal binds the principal and satisfies the signature requirement for negotiability only if the instrument is in an amount of $1,000 or less.