Under the Commercial Paper Article of the UCC, which of the following requirements must be met for a person to be a holder in due course of a promissory note?
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1 .On June 1, Year 1, Decker orally guaranteed the payment of a USD5,000 note Decker's cousin owed Baker. Decker's agreement with Baker provided that Decker's guaranty would terminate in 18 months. On June 3, Year 2, Baker wrote Decker confirming Decker's guaranty. Decker did not object to the confirmation. On August 23, Year 2, Decker's cousin defaulted on the note and Baker demanded that Decker honor the guaranty. Decker refused. Which of the following statements is correct?
A Decker is liable under the oral guaranty because Decker did not object to Baker's June 3 letter. B Decker is liable under the oral guaranty because Baker demanded payment within one year of the date the guaranty was given. C Decker is not liable under the oral guaranty because it expired more than...
2 .When a principal debtor defaults and a surety pays the creditor the entire obligation, which of the following remedies gives the surety the best method of collecting from the debtor?
A Exoneration. B Attachment. C Contribution. D Subrogation.
3 .A homestead exemption ordinarily could exempt a debtor's equity in certain property from post-judgment collection by a creditor. To which of the following creditors will this exemption apply?I. Valid home mortgage lien.II. Valid IRS Tax lien.
A Both I and II. B I only. C Neither I nor II. D II only.
4 .Which of the following instruments is subject to the provisions of the Negotiable Instruments Article of the UCC?
A A warehouse receipt. B A bill of lading. C An investment security. D A certificate of deposit.
5 .Which of the following conditions must be met to form an agency?
A An agency agreement must be in writing. B The principal must furnish legally adequate consideration for the agent's services. C The principal must possess contractual capacity. D An agency agreement must be signed by both parties.
7 .Under agency law, which of the following statements best describes ratification?
A A principal's disavowal of an agent's unauthorized act. B A principal's affirmation of an agent's authorized act. C A principal's approval in advance of an agent's acts. D A principal's affirmation of an agent's unauthorized act.
8 .Under the Negotiable Instruments Article of the UCC, which of the following statements is correct regarding a check?
A A check is a promise to pay money. B A check is an order to pay money. C A check does not need to be payable on demand. D A check does not need to be drawn on a bank.
9 .Seth performs work for Stecker Corporation. Which of the following factors presents the strongest evidence that Seth is an independent contractor?
A Stecker allows Seth to participate in all of Stecker's benefit programs. B Seth says that he works as an independent contractor. C Stecker does not control the manner in which Seth performs his work. D Seth has worked for Stecker for over 15 years on a regular basis.
10 .Under the Commercial Paper Article of the UCC, which of the following statements best describes the effect of a person endorsing a check "without recourse?"
A The person converts the check into order paper. B The person gives no warranty protection to later transferees. C The person makes no promise or guarantee of payment on dishonor. D The person has no liability to prior endorsers.
