Reference no: EM132290658
Match the defintion to the words
1. A person who takes an instrument for value in good faith that it wil be paid
2. A signature on an instrument for the purpose of negotiating the instrument
3. Damages that a buyer may recover because seller knew they could ot be prevented by cover
4. An implied warranty that the goods purchased are wholly owned by buyer and that buyer can sell them if he wishes
5. A written unconditional promise to pay a fixed amount of money
6. The term used for changing a financing statement under Article 3
7. The best example is a check drawing on a checking account
8. A contract for goods wherein the delivery point is a carrier who will take the goods further
9. the filing of a financing statement under Article 9
10. An interest in personal property which secures payment or performance of an obligation
11. A contract for goods wherein the delivery point is a stated location
12. An intervening duty between buyer and seller that is performed by the buyer
13. Expenses incurred in inspection, receipt, tyransportation, and care and custody of the goods, plus expenses incurred in cover or delay
14. The person making a promise in a promissory note
15. When a secured party assigns part of his interest to a third party
Answer Key
A) Promise Paper
B) Order Paper
C) Warranty of Merchantability
D) Shipment Contract
E) Release in Part
F) Perfect
G) Consequential
H) Incidental Damages
I) Assignment in full
J) Goods
K) Merchant
L) Destination Contract
M) Termination
N) Assignment in part
O) Holder in due course
P) Maker
Q) Latent Defect
R) Inspection of goods
S) Tender of Delivery
T) Warranty of Title
U) Security Interest
V) Endorsement
W) Negotiable Instruments
X) Nonconforming goods
Y) Amendment