Important multiple choice questions

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Reference no: EM1360491

1) Owen is a holder of a promissory note obtain from Purchase Money Inc. Regarding the defenses against payment of the note to which Purchase Money is subject, Owen, as an ordinary holder, is subject to
A) more defense (B) no defenses (C) some defense , but not as many. (D) the same defense

2) At 1:00 A.M, on the sidewalk in front of Ace Credit Corporation, which is closed, Ben buys a $500 promissory note for $50 from Curt. When presented with Ben's demand for payment, Dian, the maker of the not could successfully claim that Ben.
A) acquired the not with the notice that it was overdue. (B) did not acquire the instrument in good faith (C) did not give value for the instrument (D) must first attempt to obtain payment from Ace

3) Greg writes a check to Holly that is drawn on his account at First National Bank. Holly present the check to the bank for payment, and the bank accepts the check. The bank is
A) not liable for payment (B) primary liable for payment (C) secondarily liable for payment. (D) simultaneously liable for payment

4) Refer to Fact Pattern 20-2. Suppose that Mona pays Nat on the note. With timely notice to the proper parties, Mona may collect payment on the note from
A) Jake, Kim, or lou (B) Jake or Kim only (C) Lou only (D) no one

5)Ed's Appliance sells shoddy products to consumers for promissory notes, and sells the note to Friendly Finance Company. Ed's goes out of business. The consumers may be able to avoid payment on the notes under
A) Article V of the U.S. Constitution (B) FTC Rule 433 (C) The shelter principle (D) UCC Article 3

6) Pat, the manager of Quick Mart Deposits the store's receipts in its account at Regional Bank. As to the receipts, the relationship between Quick Mart and the Bank is
A) attorney to client (B) creditor and debtor (C) guardian and ward (D) trustee and beneficiary

7) Ann order 100 imprinted pens from Best Ad Art for which she draws a check on Country Bank for $100. Ann accepts the first shipment of 10 pens, refuses to accept future shipments, and issues a stop payment order . Country Bank pays the check. Ann can recover from the bank
A) $0 (B) $10 (C) $90 (D)$100

8) After Ben's death, His heir Cathy ask his secretary Edie to notify Ben's bank, First National Bank. On being notified, First National can pay or certify checks drawn by Ben, on or before the date of his death, unless Cathy ask to stop all payment, for
A) an indefinite period (B) sixty days after the date of death. (C) ten days after the date of death. (D) thirty days after the date of death.

9) First State Bank has certain obligation with respect to consumer data and privacy under
A) Article E of the Uniform Commercial Code. (B) Electronic Fund Transfer Act (C) Federal Trade Commission Act (D) Financial Service Modernization Act.

10) Liquid Cash Company is a brick-and mortar money service business. Money Online Inc. is an Internet-based money service. The uniform Money Service Act requires a state license to be obtained by
A) Liquid Cash only (B) Liquid Cash and Money online (C) Money online only (D) neither Liquid Cash nor Money Online.

Reference no: EM1360491

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