A) U.S. dollars is the only satisfactory currency.
B) U.S. dollars or gold or silver are the only satisfactory currency.
C) U.S. dollars, credit cards and debit cards are the only satisfactory currency.
D) U.S. dollars, English pounds, Euros, and Japanese yen are all satisfactory currency.
E) U.S. dollars, English pounds, Euros, Japanese yen, gold, silver and apples are all satisfactory currency.
G) B) and E)
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A) Yes, because it contains an unconditional promise to pay, and in the handwritten promise, the maker wrote his own name.
B) Yes, it is sufficient regardless of whether it is in handwriting or not because it contains an unconditional promise to pay.
C) No, because it was not signed at the bottom.
D) Yes, but only if Reza later signed another document confirming that he meant the handwritten statement to constitute his signature.
E) No, because it was not signed at the bottom or anywhere else on the document.
G) B) and C)
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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.
G) A) and B)
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A) Specified; exact
B) Implied; specified
C) Implied; exact
D) Specified; implied
E) Exact; implied
G) A) and E)
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A) Demand
B) Order
C) Transactional
D) Bearer
E) Payor
G) B) and E)
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B) False
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A) A note
B) A draft
C) A novation
D) A check
E) A certificate of deposit
G) C) and D)
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B) False
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A) The potential oral agreement as to the markers was irrelevant to the negotiability of the checks.
B) The oral agreement was relevant to the negotiability of the checks, but it did not affect the gambler's liability on the checks.
C) The oral agreement was relevant to the negotiability of the checks and acted to excuse the gambler from liability on the checks.
D) The oral agreement established that the checks were not negotiable instruments.
E) The oral agreement established breach of contract; therefore, while another type of instrument would have been negotiable, the checks involved were not.
G) D) and E)
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A) Drawee
B) Drawer
C) Owner
D) Payee
E) Payor
G) A) and B)
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A) Is payable on demand
B) Is drawn on or payable through a bank
C) Is designated by the term 'traveler's check' or similar wording
D) Is available only in countries that use paper currency
E) Requires as a condition of payment a countersignature of a person whose signature appears on the instrument
G) C) and D)
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B) False
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A) The check was an order instrument, and the bank must take the loss because it should only have provided funds to Mehdi.
B) Because the check was an order instrument, the bank was within its rights to pay Caileen because she presented the check; and Mehdi has no rights against the bank.
C) Because the check was a bearer instrument, the bank must take the loss because it should only have provided the funds to Mehdi.
D) Because the check was a bearer instrument, the bank was authorized to pay Caileen; and Mehdi has no rights against the bank.
E) Regardless of what type of instrument the check was, the bank had no right to cash the check when presented by Caileen unless the bank can establish by a preponderance of the evidence that Caileen misrepresented herself as an agent of Mehdi.
G) A) and D)
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A) If a transaction is defined as a negotiable instrument within a certain country, it must conform to certain general characteristics outlined by the European Economic Council.
B) The European Economic Council adopted the UCC as the law in regard to negotiable instruments in all member countries of the European Union.
C) The European Economic Council adopted the UCC as the law in regard to negotiable instruments in all member countries of the European Union unless a member country has specifically opted out.
D) The European Economic Council suggests the UCC as the law in regard to negotiable instruments in all member countries of the European Union; but in order for it to be applicable, a member country must specifically affirm adoption of the UCC.
E) Negotiable instruments are not recognized.
G) A) and B)
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A) It is payable in the same manner as a demand instrument.
B) It may be made payable at a past or future date so long as a method for computing past-due interest is set forth in the document.
C) It must be payable at a future time, and the date must be determinable through a separate instrument prepared in conjunction with the time instrument.
D) It may be made payable at a past or future date so long as the method of computing interest is set forth either in the time instrument itself or in a separate document prepared in conjunction with the time instrument.
E) It must be payable at a specific future time which is easily determinable from the document itself.
G) None of the above
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A) Delay
B) Float
C) Defer
D) Hold over
E) Shelve
G) A) and C)
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A) That it is a demand instrument
B) That it is a time instrument
C) That it is a void instrument
D) That it is a voidable instrument
E) That it is a nonnegotiable instrument
G) C) and D)
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B) False
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A) payor
B) payee or subsequent holder
C) lessor
D) government
E) state
G) C) and D)
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A) Traveler's check
B) U.S. Dollars
C) Certificate of deposit
D) Note
E) Certified check
G) A) and E)
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