16 May QuestionQuestion 1A check is a promise to pay a sum of money at some time in the
Question
Question 1
- A check is a promise to pay a sum of money at some time in the future.
True
False
1 points
Question 2
- A negotiable instrument can be transferred by only negotiation.
True
False
1 points
Question 3
- Diner’s Restaurant issues an instrument in favor of General Supplies, Inc. For the instrument to be negotiable, it need not:
| a. | be an unconditional promise or order to pay. | |
| b. | be payable on demand or at a specific time. | |
| c. | be signed by Diner’s Restaurant. | |
| d. | recite the consideration given in exchange for a promise to pay. |
1 points
Question 4
- City Investment Company signs a check payable to Downtown Lenders, Inc., to buy a promissory note executed by Eagle Corporation. This check:
| a. | does not constitute sufficient consideration for HDC status. | |
| b. | does not satisfy the value requirement for HDC status. | |
| c. | satisfies the consideration requirement for HDC status. | |
| d. | satisfies the value requirement for HDC status. |
1 points
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