1. Carlton executed and delivered to Raymond a $1,000 negotiable

Customer Question

1. Carlton executed and delivered to Raymond a $1,000 negotiable note payable to Raymond or bearer. Raymond then negotiated it to Fred and endorsed it on the back by merely signing his name. Which of the following is a true statement?
a. The instrument is bearer paper, and Fred can convert it to order paper by writing “pay to the order of Fred” above Raymond’s signature.
b. Raymond’s endorsement was a special endorsement.
c. The instrument was initially bearer paper and cannot be converted to order paper.
d. Raymond’s endorsement was necessary to Fred’s qualification as a holder.

2. Under the Secured Transactions Article of the UCC, which of the following remedies is available to a secured creditor when a debtor fails to make a payment when due?
Proceed Obtain a General
against the Judgment against
Collateral__ the Debtor_
a. Yes Yes
b. Yes No
c. No No
d. No Yes
3. On July 27, 2011 Summerson sent Fallson a letter offering to sell Fallson a vacation home for $150,000. On August 2, 2011 Fallson replied by mail agreeing to buy the home for $145,000. Summerson did not reply to Fallson. Do Summerson and Fallson have a binding contract?
a. Yes, because Summerson’s silence is an implied acceptance of Fallson’s letter.
b. No, because Fallson failed to sign the letter that was sent by Fallson.
c. No, because Fallson’s letter was a counteroffer.
d. Yes, because Summerson’s offer was validly accepted.

4. Cindy, Odsen Corp.’s agent, needs a written agency agreement to

a. Hire an attorney to collect a business debt owed Odsen.
b. Purchased an interest in undeveloped land for Odsen.
c. Retain an independent general contractor to renovate Odsen’s office building.
d. Enter into a series of sales contracts on Odsen’s behalf.

5. A party who filed a financing statement covering inventory on April 1, 2010 would have a superior interest to which of the following parties?
a. A holder of a mechanic’s lien whose lien was filed on March 15, 2010.
b. A judgment lien creditor who filed its judgment on April 15, 2010.
c. A holder of a purchase money security interest in after-acquired inventory filed on March 20, 2010.
d. A purchaser in the ordinary course of business who purchased on April 10, 2010.

6. In determining whether the consideration requirement to form a contract has been satisfied, the consideration exchanged by the parties to the contract must be
a. Fair and reasonable under the circumstances.
b. Legally sufficient.
c. Exchanged simultaneously by the parties.
d. Of approximately equal value.

7. Pavers Roadway, Inc., contracts with Best Building Corporation to repave Best Building Corporation’s parking lot. The elements of a contract do not include
a. consideration.
b. contractual capacity.
c. legality.
d. practicality.

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