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?"
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1 .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.
2 .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?
A The holder must be the payee of the note. B The note must be payable to bearer. C All prior holders must have been holders in due course. D The note must be negotiable.
3 .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.
4 .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.
5 .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.
7 .In which type of business organization are income taxes always required to be paid by the entity on profits earned as well as by the owners upon distribution thereof?
A Limited liability company. B General partnership. C Subchapter S corporation. D Subchapter C corporation.
8 .Under the Negotiable Instruments Article of the UCC, which of the following defenses by the maker of a negotiable instrument can be successfully asserted against a holder in due course?
A Lack of consideration by the original payee. B Fraud in the execution. C Breach of the underlying contract. D Fraud in the inducement.
9 .Fanny and John each own and manage their own companies. Fanny's business is manufacturing freight boxes of all types, and John's business is selling freight boxes to different industries. They decide to combine their expertise and knowledge to produce and sell freight boxes specifically designed for the new airline company that just formed in their city. Which of the following best describes the business formed by the parties?
A A joint venture. B A limited liability partnership. C A general partnership. D A sole proprietorship.
10 .What type of business organization may generally be formed without filing an organizational document or certificate with a state government agency or office?
A A limited partnership. B A general partnership. C A limited liability company. D A corporation.
