Endorsement that includes the notation without recourse

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Reference no: EM132304720

1. The UCC requires not only that the parties perform according to the express terms of their contracts but also that they (the parties) use good faith and ____________________ in their performance.

commercial reasonableness

timeliness

reasonable care

honesty

2. An endorsement that includes the notation "without recourse" is called a(n)

unqualified indorsement.

qualified indorsement.

restrictive indorsement.

special indorsement.

3. Makers of promissory note and certificates of deposit have __________________ liability on those instruments.

unlimited personal

primary

qualified

secondary

4. Which of the following is a universal defense that may be raised against both holders and holders in due course?

Breach of contract.

Discharge in bankruptcy.

Fraud in the inducement.

All of these are universal defenses.

5. A type of check that the bank agrees in advance to accept when it is presented for payment is called

a promissory note.

a certified check.

a cashier's check.

a draft.

Reference no: EM132304720

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