Reference no: EM132353279 , Length: word count:4000

Business Law Questions -

Part A -

1. Why does government regulate business?

2. What is the difference between regulatory and nonregulatory agencies?

3. What is the procedure a federal agency must follow to develop a new rule?

Part B -

1. What is a warranty, and to what does a seller agree by making one?

2. What are the warranties made by all sellers? Briefly explain each of them.

3. How does a merchant differ from a seller?

4. What is a negotiable instrument?

5. How does the owner negotiate a negotiable instrument?

6. What is a demand instrument?

7. State the seven requirements of negotiability.

8. Must a draft contain the word "order" to be negotiable?

9. Does a reference in an instrument to a separate agreement make the order or promise conditional? Explain.

10. Who are the original parties to a promissory note? Explain.

11. What are the differences among a bond, a collateral note, a real estate mortgage note, a debenture, and a certificate of deposit?

12. Why must a time draft payable a specified number of days after sight be presented for acceptance?

13. What is an indorsement?

14. If an instrument is to be indorsed, where must the indorsement be found?

15. When there are multiple payees on an instrument, how can one know whether all must indorse or only one need indorse the instrument to negotiate it?

16. Upon what does imposition of liability on parties to negotiable instruments under the UCC depend?

17. What conditions must be met for a party to be held secondarily liable?

18. What are the three required conditions for a holder to be a holder in due course?

19. Why are there always three parties involved when an agent enters into a contract for the principal?

20. May all acts be delegated to an agent?

21. What authority does a general agent have in addition to express authority?