Business Law Principles and Practices

Business

Quiz 19 :
Nature and Types of Negotiable Instruments

Quiz 19 :
Nature and Types of Negotiable Instruments

Showing 1 - 20 of 50
Next Quiz
arrow
One way to classify a negotiable instrument is either a demand instrument or a time instrument.
Free
True False
Answer:

Answer:

True

arrow
Article 3 of the UCC is the statutory law that governs negotiable instruments.
Free
True False
Answer:

Answer:

True

arrow
Today check processing is done electronically. Consequently a check written on any one day and passed on to the bank can now be deducted from your account that same day.
Free
True False
Answer:

Answer:

True

arrow
Negotiable instruments can be used either as a substitute for money or as a means of extending credit.
True False
Answer:
arrow
A certificate of deposit is actually a loan by a depositor to a bank.
True False
Answer:
arrow
There is no such thing as an oral note or check.
True False
Answer:
arrow
A draft involves two parties, the drawer and the payee.
True False
Answer:
arrow
A promissory note and a certificate of deposit has three parties, the maker, the makee, and the payee.
True False
Answer:
arrow
A check is always payable on demand.
True False
Answer:
arrow
An "X" or a thumb print qualifies as a signature on a negotiable instrument.
True False
Answer:
arrow
The party who issues a promissory note is called the payee.
True False
Answer:
arrow
A note or a check payable in a foreign currency that is the legal currency of that foreign country is fully negotiable.
True False
Answer:
arrow
The words order and bearer are words of negotiability.
True False
Answer:
arrow
An instrument "payable to order" is payable to a specific person or to anyone that person designates.
True False
Answer:
arrow
A promise to pay $1,000 and a golf bag would not be negotiable.
True False
Answer:
arrow
A negotiable instrument is
Multiple Choice
Answer:
arrow
A draft made out in the United States calls for payment in German marks. Which of the following statements is correct?
Multiple Choice
Answer:
arrow
Which of the following statements is true?
Multiple Choice
Answer:
arrow
The person who issues a check to another is called the
Multiple Choice
Answer:
arrow
A written order by one person directing the person's bank to pay a certain sum of money to another person is a
Multiple Choice
Answer:
Showing 1 - 20 of 50
Next Quiz