Mona wants to negotiate a bearer instrument

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Reference no: EM1385742

Sid signs a promissory note payable to Tony on which Sid conspicuously notes that it is "not negotiable" and gives the note to Toney. This instrument is:
A) negotiable.
B) nonnegotiable, because it includes the notation "not negotiable."
C) nonnegotiable, because it is a promissory note.
D) nonnegotiable, because it was given to Bob.

Ina signs a check payable to Jan and gives it to her. Jan indorses the back, and transfers the check to Ked. To negotiate the check to Lois, Ked must
A) write "Ked" on the back and deliver the check to Lois.
B) write "pay to the order of Lois [signed] Ked" on the back and deliver the check to Lois.
C) only deliver the check to Lois.
D) transfer the check through the drawee bank.

Ralph wants to transfer an instrument to Sigrid that requires Ralph's indorsement, but there is no room on the instrument. Ralph
A) can attest in writing that he would sign the instrument if possible.
B) cannot transfer the instrument to Sigrid.
C) can sign an allonge and affix it to the instrument.
D) can sign a separate piece of paper and file it for later reference.

Mona wants to negotiate a bearer instrument in her possession to Nat for an order instrument in Nat's possession. Indorsements are required to negotiate
A) bearer instruments and order instruments.
B) bearer instruments only.
C) neither bearer instruments nor order instruments.
D) order instruments only.

Mike receives a payroll check from National Computer Systems, Inc., and indorses it by signing his name on the back of the check. This is
A) a blank indorsement.
B) a qualified indorsement.
C) a restrictive indorsement.
D) a special indorsement.

Ross signs an instrument using an "R" with a circle around it. With this mark for a signature, the instrument is
A) negotiable.
B) nonnegotiable, because an initial does not state the signer's name.
C) nonnegotiable, because an initial is not a signature.
D) nonnegotiable, because a simple initial implies a lack of binding intent.

Reference no: EM1385742

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