Mentally incompetent., Molly signs a promissory note

Mentally incompetent.

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Reference no: EM13249572

1. Molly signs a promissory note payable to Nano Credit Corporation while mentally incompetent but before a court judges her to be mentally incompetent. The note is

A) payable to any bearer of the note.

B) payable to any holder of the note.

C) payable to the court only.

D) voidable.

2. Kirk presents an instrument that states "pay to the order of Liv" to Metro Bank for payment. This is a special type of draft drawn on a bank, ordering the bank to pay a fixed amount of money on demand. This is

A) a certificate of deposit.

B) a check.

C) a debit card transaction receipt.

D) a trade acceptance.

3. Brendan signs a check "pay to the order of City College Bookstore" drawn on his account in Delmar Bank to pay for his current semester's textbooks. The bookstore deposits the check in its account in Evergreen Bank. Like most checks, this check is

A) a one-party instrument.

B) a four-party instrument.

C) a three-party instrument.

D) a two-party instrument.

4. Ian buys a cell phone in Jiffy Mart, using the means that accounts for more retail payments than any other. This means of payment is

A) a commercial check.

B) a debit card.

C) a personal check.

D) a trade acceptance.

5. Jen signs a check "pay to the order of Key" drawn on Jen's account in Lakeland Bank to buy Key's car. Jen asks Lakeland Bank to indicate on the face of the check that it will accept it when Key presents it for payment. If the bank agrees, this will be

A) a cashier's check.

B) a certified check.

C) a trade acceptance.

D) a traveler's check.

6. Pippi, the manager of Quik Mart, deposits the store's receipts in its account at Regional Bank. As to the receipts, the relationship between Quik Mart and the bank is

A) attorney and client.

B) creditor and debtor.

C) guardian and ward.

D) trustee and beneficiary.

7. Daisy writes a check to Elvita on her account at First Savings Bank. The bank dishonors the check even though Daisy has sufficient funds in her account. The bank is

A) liable to Daisy.

B) liable to itself.

C) liable to the next payee on one of Daisy's checks.

D) not liable.

8. Sullivan signs a check "pay to the order of Tilly" drawn on Sullivan's account in Universal Bank. Velma forges Tilly's indorsement, Washington Bank cashes the check. Velma disappears. Universal pays Washington and debits Sullivan's account. Most likely, the ultimate loss will fall on

A) Sullivan.

B) Tilly.

C) Universal Bank.

D) Washington Bank.

9. Cornucopia Bank receives a check drawn on the account of Get-Rich Industries, Inc., one of the bank's customers, at 3 p.m. Friday. Harry, the presenter of the check, is not one of the bank's customers. The bank uses deferred posting with a 2 p.m. cutoff hour. If it decides to dishonor the check, it must do so by midnight

A) Saturday.

B) Sunday.

C) Monday.

D) Tuesday.

Reference no: EM13249572

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