ACCT 340 Test 1 Review

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A bank check is a(n) _____ or a(n) _____, the payment for which a bank is solely or primarily liable. Question content area bottom Part 1 A. certified check; cashier's check B. check; promissory note C. certified check; uncertified check D. accountancy check; cashier's check E. draft; promissory note

A certificate of deposit is a _____ instrument. Question content area bottom Part 1 A. two-party B. multilateral C. non-negotiable D. three-party E. single-party

A check is a distinct form of _____ drawn on a financial institution and payable _____. Question content area bottom Part 1 A. draft; on demand B. draft; at a definite time C. promissory note; on demand D. certificate of deposit; on demand E. promissory note; at a definite time

A college student borrows money from her mother for college expenses. The loan agreement provides that the student will repay the loan five years after graduation from college. The loan agreement contains a(n) _________ that permits the graduate to add on another two years to the loan if, at the end of five years, she wants extra time to pay the loan. Question content area bottom Part 1 A. prepayment penalty B. extension clause C. prepayment clause D. default clause E. acceleration clause

A creditor who extends credit to a consumer to purchase a consumer good under a written security agreement obtains a(n) _____ security interest in the consumer good. Question content area bottom Part 1 A. incidental B. symbolic C. equitable D. purchase money E. constructive

A debtor must receive prepetition credit counseling within _____ days prior to filing his or her petition for bankruptcy. Question content area bottom Part 1 A. 180 B. 90 C. 120 D. 30 E. 60

A farmer purchases equipment from a manufacturer. The farmer obtains a loan to purchase the equipment from a bank, which obtains a security interest in the equipment. The equipment manufacturer is paid for the equipment out of the proceeds of the loan. This is a __________ secured transaction. The manufacturer is the seller, the farmer is the __________, and the bank is the ___________ creditor. Question content area bottom Part 1 A. three-party; buyer-debtor; lender-secured B. two-party; seller-lender; buyer-debtor-secured C. two-party; buyer-debtor; seller-lender-secured D. two-party; buyer-debtor; seller-lender-unsecured E. three-party; seller-lender; buyer-debtor-secured

A farmer purchases equipment on credit from a farm equipment dealer. The dealer retains a security interest in the farm equipment that becomes collateral for the loan. This is a _________ secured transaction. The farmer is the __________ and the farm equipment dealer is the _________ creditor. Question content area bottom Part 1 A. three-party; buyer-debtor; lender-secured B. two-party; buyer-debtor; seller-lender-unsecured C. two-party; seller-lender; buyer-debtor-secured D. two-party; buyer-debtor; seller-lender-secured E. three-party; seller-lender; buyer-debtor-secured

A general medical practitioner in a rural area would be held to the standard of a reasonable ________. A brain surgeon would be held to the standard of a reasonable ________. Question content area bottom Part 1 A. general practitioner; brain surgeon B. general practitioner in rural areas; brain surgeon C. general practitioner in rural areas; brain surgeon in rural areas D. general practitioner in rural areas; person E. person; general practitioner

A negotiable instrument is a special form of contract that satisfies the requirements established by Article _____ of the Uniform _____ Code. Question content area bottom Part 1 A. 3; Commercial B. 1; Constitutional C. 3; Contracts D. 2; Contracts E. 1; Commercial

A negotiable instrument is also known as _____. Question content area bottom Part 1 A. an assignment B. a bill of sale C. commercial paper D. conditional paper E. a delegation

A party who agrees to act on behalf of another is called a(n) _____. Question content area bottom Part 1 A. assignor B. incidental beneficiary C. principal D. delegator E. agent

A party who employs another person to act on his or her behalf is called a(n) _____. Question content area bottom Part 1 A. independent contractor B. assignee C. delegatee D. agent E. principal

A power of attorney is an _____ agency agreement that is often used to give a(n) _____ the power to sign legal documents on behalf of the _____. Question content area bottom Part 1 A. implied; principal; agent B. express; agent; principal C. implied; agent; principal D. express; third party beneficiary; incidental beneficiary E. express; principal; agent

A sight draft is also called a _____ draft. Question content area bottom Part 1 A. qualified B. demand C. conditional D. reserve E. statutory

A trade _____ is a sight draft that arises when credit is extended by the seller to the buyer with the sale of goods. Question content area bottom Part 1 A. acceptance B. exchange C. offer D. note E. negotiation

A writ of _________ is a court order directing a sheriff or other government officials to _________ that is in the debtor's possession and authorizes a judicial sale of that property. Question content area bottom Part 1 A. attachment; post a bond with the court B. garnishment; seize the debtor's property C. execution; post a bond with the court D. execution; seize the debtor's property E. attachment; seize the debtor's property

A writ of _________ is a court order directing a sheriff or other government officials to _________ that is in the debtor's possession and authorizes a judicial sale of that property. Question content area bottom Part 1 A. garnishment; seize the debtor's property B. execution; post a bond with the court C. attachment; post a bond with the court D. attachment; seize the debtor's property E. execution; seize the debtor's property

A(n) _____ judgment is a judgment of a court that permits a(n) _____ lender to recover other property or income from a defaulting debtor if the collateral is insufficient to repay the unpaid loan. Question content area bottom Part 1 A. executory; secured B. deficiency; secured C. default; unsecured D. summary; non-commercial E. declaratory; commercial

After a debtor's default, if the proceeds from the disposition of collateral are not sufficient to satisfy the debt to the secured party, the debtor has _________ liability to the secured party for the payment of the deficiency. Question content area bottom Part 1 A. joint and several B. strict C. tort D. limited E. personal

All things that are movable when a security interest attaches are called _____ property. Question content area bottom Part 1 A. intangible personal B. tangible real C. tangible personal D. intangible intellectual E. intangible real

All things that are nonphysical property when a security attaches are called _____ property. Question content area bottom Part 1 A. intangible personal B. tangible intellectual C. intangible real D. tangible personal E. tangible personal

Alonzo draws a check payable to LaToya. Terry steals the check from LaToya, forges LaToya's indorsement, and cashes the check at the grocery store. Who is liable for the loss to the grocery store? Question content area bottom Part 1 A. the grocery store, but not Alonzo B. Alonzo, but not LaToya C. Alonzo, but not the grocery store D. LaToya, but not the grocery store E. the grocery store, but not LaToya

Alonzo purchases goods by telephone from LaToya. Alonzo has never met LaToya. Terry goes to Alonzo and pretends to be LaToya. Alonzo draws a check payable to the order of LaToya and gives the check to Terry, believing her to be LaToya. Terry forges LaToya's indorsement and cashes the check at a liquor store. Who is liable? Question content area bottom Part 1 A. the liquor store, but not Alonzo B. the liquor store, but not LaToya C. Alonzo, but not LaToya D. LaToya, but not the liquor store E. Alonzo, but not the liquor store

Alonzo purchases goods by telephone from LaToya. Alonzo has never met LaToya. Terry goes to Alonzo and pretends to be LaToya. Alonzo draws a check payable to the order of LaToya and gives the check to Terry, believing her to be LaToya. Terry forges LaToya's indorsement and cashes the check at a liquor store. Who is liable? Question content area bottom Part 1 A. the liquor store, but not LaToya B. LaToya, but not the liquor store C. the liquor store, but not Alonzo D. Alonzo, but not LaToya E. Alonzo, but not the liquor store

Although the automobile industry is exempt from _____ supervision, it is subject to oversight by the _____. Question content area bottom Part 1 A. FTC; CFPB B. CPSC; CFPB C. EPA; CPSC D. CFPB; FTC E. CPSC; EPA

American Airlines buys a $50 million airplane from Boeing. If American signs a promissory note that promises to pay Boeing if it is "satisfied" with the airplane, does this meet the requirement of a negotiable instrument? Question content area bottom Part 1 A. yes - it is in writing B. no - the promise is conditional C. yes - it is a promise or order to pay D. yes - it is for a fixed amount E. no - it is not for a fixed amount

An accommodation indorser is _____ liable on an instrument. Question content area bottom Part 1 A. primarily B. absolutely C. secondarily D. fractionally E. strictly

An accommodation indorser is _____ liable on an instrument. Question content area bottom Part 1 A. primarily B. secondarily C. strictly D. absolutely E. fractionally

An accommodation party may sign an instrument guaranteeing collection rather than guaranteeing payment of an instrument. This party is called an accommodation _____. Question content area bottom Part 1 A. acceptor B. indorser C. maker D. drawer E. payee

An accommodation party who signs an instrument guaranteeing payment is primarily liable on the instrument. This party is called an accommodation _____. Question content area bottom Part 1 A. maker B. acceptor C. drawee D. payee E. drawer

An accommodation party who signs an instrument guaranteeing payment is _____ liable on the instrument. Question content area bottom Part 1 A. constructively B. primarily C. conditionally D. secondarily Your answer is not correct. E. symbolically

An accommodation party who signs an instrument guaranteeing payment is _____ liable on the instrument. Question content area bottom Part 1 A. secondarily B. conditionally C. primarily D. constructively E. symbolically

An agency can be legally terminated in all EXCEPT which of the following ways? Question content area bottom Part 1 A. if a specific purpose is achieved B. ratification of the contract by the principal C. the occurrence of a stated event D. if a stated time has elapsed E. the mutual assent of the parties

An agency is terminated by operation of law in which of the following circumstances? Question content area bottom Part 1 A. the occurrence of a stated event B. if a specified purpose is achieved C. the death of the principal D. the mutual assent of the parties E. if a stated time has lapsed

An agency that occurs when a person misrepresents him- or herself as another's agent when they are not and the purported principal ratifies the unauthorized act is known as ________. Question content area bottom Part 1 A. exclusive agency B. apparent agency C. agency by ratification D. express agency E. implied agency

An agent enters an authorized contract with a third party on the principal's behalf, The principal fails to perform on the contract, and the third party recovers a judgment against the agent. The agent can recover this amount from the principal because of the Question content area bottom Part 1 A. duty to reimburse B. duty to cooperate C. duty to indemnify D. duty to compensate E. duty to perform

An agent works as a salesperson for a principal who owns an automotive parts business. The agent's job is to sell the principal's automotive parts to auto repair shops and other purchasers. While doing so, the agent also works as a salesperson for a competing seller of automotive parts. This is a violation of the duty of loyalty known as ___________. Question content area bottom Part 1 A. usurping an opportunity B. dual agency C. self-dealing D. competing with the principal E. misuse of confidential information

An agent works for a principal that is in the business of real estate development. The principal is looking for vacant land to purchase to develop. A third party who owns and wants to sell his vacant land tells an agent of the principal of the availability of the land. The agent, without informing the principal, purchases the land for personal use. This is a violation of the duty of loyalty known as _________. Question content area bottom Part 1 A. misuse of confidential information B. self-dealing C. competing with the principal D. usurping an opportunity E. dual agency

An apparent agency is also known as an agency by _____. Question content area bottom Part 1 A. ratification B. first refusal C. estoppel D. last resort E. rebuttal

An indorsement for deposit or collection and an indorsement in trust are examples of _____ indorsements. Question content area bottom Part 1 A. official B. qualified C. special D. testamentary E. restrictive

An indorsement for deposit or collection and an indorsement in trust are examples of _____ indorsements. Question content area bottom Part 1 A. qualified B. official C. restrictive D. special E. testamentary

An indorsement in trust is also known as a(n) _____ indorsement. Question content area bottom Part 1 A. special B. testamentary C. official D. agency E. blank

An indorsement whereby the indorser promises to pay the holder or any subsequent indorser the amount of the instrument if the maker, drawer, or acceptor defaults on it is a(n) __________ indorsement. Question content area bottom Part 1 A. unqualified B. qualified C. restrictive D. official E. testamentary

An instrument is ________ when it is presented for payment and payment is refused. Question content area bottom Part 1 A. honored B. unauthorized C. overdue D. dishonored E. defective

An instrument that is payable to a specific payee or indorsed to a specific indorsee is a(n) ___________. Question content area bottom Part 1 A. order instrument B. bearer paper C. delegated paper D. bearer instrument E. non-negotiable paper

An instrument that is "payable in $10,000 U.S. currency" is a _____ instrument. Question content area bottom Part 1 A. conditional B. negotiable C. hypothetical D. theoretical E. situational

An instrument that is "payable in $10,000 U.S. gold" is a(n) _____ instrument, but an instrument "payable in Euros" is a(n) _____ instrument. Question content area bottom Part 1 A. hypothetical; conditional B. conditional; negotiable C. negotiable; nonnegotiable D. nonnegotiable; conditional E. nonnegotiable; negotiable

An owner of a vacant lot enters into an agency agreement with a real estate agent to sell the lot for $1 million based on the agent's market analysis. After signing the agreement, the agent learns that oil has been discovered on the property, a discovery that makes the land worth $5 million. Which of the following is true? Question content area bottom Part 1 A. The owner of the lot must sell the land for $1 million. B. The agency may be terminated because of this change in circumstances. C. The agency terminates because of impossibility of performance. D. The agency does not terminate because it would be a wrongful termination. E. The agency terminates by operation of law.

An unqualified indorser has _____ liability on negotiable instruments. Question content area bottom Part 1 A. acceptor B. strict C. secondary D. absolute E. primary

An employer-employee relationship exists when an employer hires an employee to perform some form of physical service but does not give that person _____ authority to enter into contracts. Question content area bottom Part 1 A. delegator B. incidental beneficiary C. assignee D. third party beneficiary E. agency

Article 9 of the UCC defines the rights, duties, and remedies of the secured party and the debtor in the event of default. The UCC categorizes the term default as _______. Question content area bottom Part 1 A. an undefined term B. breaching the security agreement C. filing for bankruptcy D. disposing of the collateral E. failing to make a payment

Article 9 of the Uniform Commercial Code (UCC) governs _____ transactions in _____ property. Question content area bottom Part 1 A. unsecured; intangible B. secured; intangible C. unsecured; real D. secured; real E. secured; personal

Article _____ of the Uniform _____ Code establishes the requirements for negotiable instruments. Question content area bottom Part 1 A. 1A; Commercial B. 2; Contracts C. 3; Commercial D. 1; Contracts E. 1: Commercial

Article _____ of the Uniform _____ Code establishes the rules and principles that regulate bank deposit and collection procedures. Question content area bottom Part 1 A. 2A; Contracts B. 2; Commercial C. 3; Commercial D. 4; Contracts E. 4; Commercial

Article _____ of the Uniform _____ Code governs secured transactions where personal property is used as collateral for a loan or the extension of credit. Question content area bottom Part 1 A. 3; Contracts B. 9; Contracts C. 9; Commercial D. 3; Commercial E. 2; Commercial

Assume that a debtor owns a principal residence worth $100,000 that is subject to a $70,000 mortgage and the debtor therefore owns $30,000 of equity in the property. The debtor files a petition for Chapter 7 liquidation bankruptcy. The trustee may sell the home, _________, (applying the federal exemption), and use the remaining proceeds of ___________ for distribution to the debtor's creditors. Question content area bottom Part 1 A. pay off the mortgage, pay the debtor $23,675; $6,325 B. pay off the mortgage, pay the debtor $6,325; $23,675 C. pay off the mortgage, pay the debtor $0; $30,000 D. pay off the unsecured creditors, pay the debtor $23,675; $6,325 E. pay the debtor $25,150, pay off the mortgage; $6,850

A _____ indorsement does not specify a particular indorsee; it may consist of just a signature. Question content area bottom Part 1 A. blank B. testamentary C. special D. restrictive E. qualified

A _____ is a special form of _____ that is created when a depositor deposits money at a financial institution in exchange for the institution's promise to pay back the amount of the deposit plus an agreed-on rate of interest on the expiration of a set time period agreed on by the parties. Question content area bottom Part 1 A. check; note B. certificate of deposit; note C. certificate of deposit; draft D. check; draft E. check; certificate of deposit

A _____ is an unconditional written promise by one party to pay money to another party. Question content area bottom Part 1 A. promissory note B. sight draft C. bill of attainder D. check E. time draft

A _____ judgment permits a secured lender to recover other property or income from a defaulting debtor if the collateral is insufficient to repay the unpaid loan. Question content area bottom Part 1 A. deficiency B. declaratory C. summary D. proffer of judgment E. preliminary

A _____ statement is a document filed by a secured party that ends a secured interest because _____. Question content area bottom Part 1 A. termination; of frustration of purpose B. reconveyance; of commercial impracticability C. termination; the debt has been paid D. reconveyance; the debt has been paid E. termination; of commercial impracticability

A _____ transaction occurs when a seller sells goods to a buyer who has obtained financing from a third-party lender who takes a security interest in the goods sold. Question content area bottom Part 1 A. three-party secured B. two-party mortgage C. two-party unsecured D. two-party secured E. three-party unsecured

A principal-_____ relationship is formed when an employer hires an employee and gives that employee authority to act and enter into contracts on his or her behalf. Question content area bottom Part 1 A. agent B. incidental beneficiary C. third party beneficiary D. bailee E. assignee

Bastion owes Federico $100 for the concert ticket that Federico purchased for him. Federico owes Delilah $100 because of a bet they made. If Federico writes on a piece of paper: "Bastion: Pay Delilah $100" and signs it, this would be considered a _____. Question content area bottom Part 1 A. promissory note B. draft C. nonnegotiable instrument D. check E. certificate of deposit

Bearer paper is negotiated by _____. Question content area bottom Part 1 A. a principal B. an agent C. assignment and delegation D. indorsement E. delivery

Bearer paper is negotiated by _____. Question content area bottom Part 1 A. assignment and delegation B. an agent C. a principal D. delivery E. indorsement

Because lenders are sometimes reluctant to lend large sums of money simply on the borrower's promise to repay, many lenders take a security interest in the property purchased or some other property of the debtor. _____ secures payment of a secured loan. Question content area bottom Part 1 A. Income B. An ethical obligation C. A promise D. Collateral E. A contract obligation

Camila is a first time home buyer. She goes to her local bank to get a loan to buy the house that allows her to put only 3% down. The loan covers 97% of the purchase price and the costs to close on the house. In reviewing the loan documents, Camila reads that her interest rate is 5% to be paid monthly over 30 years. If the at the end of 5 years Camila can choose to add another 2 years onto the loan, the loan agreement contains a(n) _____. Question content area bottom Part 1 A. prepayment penalty B. extension clause C. prepayment clause D. acceleration clause E. maker clause

Camila is a first time home buyer. She goes to her local bank to get a loan to buy the house that allows her to put only 3% down. The loan covers 97% of the purchase price and the costs to close on the house. In reviewing the loan documents, Camila reads that her interest rate is 5% to be paid monthly over 30 years, but that she if she defaults on the loan, the entire amount, plus any accrued interest, becomes payable immediately. This is known as a(n) _____. Question content area bottom Part 1 A. prepayment clause B. maker clause C. acceleration clause D. extension clause E. prepayment penalty

Camila is a first time home buyer. She goes to her local bank to get a loan to buy the house that allows her to put only 3% down. The loan covers 97% of the purchase price and the costs to close on the house. In reviewing the loan documents, Camila reads that her interest rate is 5% to be paid monthly over 30 years, but that she may pay it off sooner if she so desires. This is known as a(n) _____. Question content area bottom Part 1 A. prepayment penalty B. maker clause C. prepayment clause D. extension clause E. acceleration clause

Certificates of deposit of _____ or more are usually called _____ CDs. Question content area bottom Part 1 A. $75,000; royal B. $50,000; universal C. $25,000; titan D. $100,000; jumbo E. $50,000; mega-

Chapter 7 bankruptcy is also called _____ bankruptcy. Question content area bottom Part 1 A. debtor-in-possession B. reaffirmation C. liquidation D. non-liquidation E. rescheduling

Chapter _____ is a bankruptcy method that allows the _____ of the debtor's financial affairs under the supervision of the bankruptcy court. Question content area bottom Part 1 A. 11; reorganization B. 11; liquidation C. 7; reorganization D. 7; restructuring E. 13; liquidation

Chapter _____ is a _____ form of bankruptcy that permits bankruptcy courts to supervise the debtor's plan for the payment of unpaid debts in installments over the plan period. Question content area bottom Part 1 A. 11; liquidation B. 7; rehabilitation C. 13; liquidation D. 13; rehabilitation E. 7; liquidation

Commercial wire transfers, or _____ wire transfers, are electronic transfers of funds from a bank to another party. Question content area bottom Part 1 A. retail B. "on them" C. wholesale D. intermediary E. "on us"

Cougar Car Sales, Inc. (Cougar), a new car dealership, finances all its inventory of new automobiles at First Bank. First Bank takes a security interest in Cougar's inventory of cars and perfects this security interest. Kim, a buyer in the ordinary course of business, purchases a car from Cougar for cash. If Cougar defaults on its payments to the bank, _______. Question content area bottom Part 1 A. Cougar can avoid the payments to First Bank because it no longer has the car B. First Bank cannot recover the car from Kim because she has a perfected security interest in the car C. First Bank can recover the car from Kim because she is a purchaser in the ordinary course of business D. Cougar can recover the car from Kim because she is a purchaser in the ordinary course of business E. First Bank cannot recover the car from Kim because she is a purchaser in the ordinary course of business

Darren Dodgers has a checking account at Big Cheese Bank. Dick Noles steals one of Darren Dodgers' checks and completes it by writing in $10,000 as the amount of the check, adding his name as the payee, and forging Darren's signature. Dick indorses the check to Dirk Dozens, who knows that Darren's signature has been forged. Dirk indorses the check to Dean Minnow, who is innocent and does not know of the forgery. Dean presents the check to Big Cheese Bank, the payer bank, which pays the check. Big Cheese Bank _____. Question content area bottom Part 1 A. can recover from Darren, but not Dick or Dirk B. can recover from Dick and Dirk, but not Dean C. can recover from Dick only D. can recover from Dean and Dirk, but not Darren E. can recover from Dirk only

Elliot draws a check on his checking account at City Bank "payable to the order of Phyllis Jones." When Phyllis presents the check for payment, City Bank refuses to pay it. Phyllis can collect the amount of the check from _________ because the drawer is ___________ on the check when it is dishonored. Question content area bottom Part 1 A. City Bank; not liable B. Elliot; secondarily liable C. Elliot; primarily liable D. City Bank; secondarily liable E. City Bank; primarily liable

Form _____ is a uniform financing statement form that is used in all states. Question content area bottom Part 1 A. SEC-1 B. NYSE-2 C. CFPB-1 D. UCC-1 E. FTC-1

Frisco steals a check and transfers it to Genji as payment for a first edition book of Shakespeare's sonnets. Genji is unaware the check has been stolen. Does Genji qualify as a holder in due course (HDC)? Question content area bottom Part 1 A. Genji cannot qualify as an HDC because she has not given value for it. B. Genji cannot qualify as an HDC because she took the instrument with notice that it had been stolen. C. Genji can qualify as an HDC because she took the check in good faith without knowledge that it had been stolen. D. Genji cannot qualify as an HDC because she took the instrument with notice that it had been dishonored. E. Genji can qualify as an HDC because it is a bearer instrument.

Frisco steals a check and transfers it to Genji as payment for a first edition book of Shakespeare's sonnets. Genji sees that the signature on the check has been altered. Does Genji qualify as a holder in due course(HDC)? Question content area bottom Part 1 A. Genji can qualify as an HDC because she took the check in good faith. B. Genji can qualify as an HDC because she took the instrument and gave value for it. C. Genji cannot qualify as an HDC because she took the instrument with notice that it had been altered. D. Genji can qualify as an HDC because it is a bearer instrument. E. Genji cannot qualify as an HDC because she has not given value for it.

Grandma writes a check to her granddaughter, Christy. Another granddaughter, Devin, steals the check, forges Christy's signature, and cashes it at the local grocery store. Who is liable? Question content area bottom Part 1 A. Christy B. the grocery store C. Grandma D. Devin E. no one

If I give you a piece of paper that states, "I owe you $100," does this meet the requirements of a negotiable instrument? Question content area bottom Part 1 A. no - the promise is conditional B. no - it does not contain a promise to pay C. yes - it is for a fixed amount D. yes - it is a promise or order to pay E. yes - it is in writing

If a debtor defaults in his security agreement, the secured party may do any of the following EXCEPT? Question content area bottom Part 1 A. repossess and sell the collateral B. repossess and lease the collateral C. repossess and dispose of the collateral in a commercially unreasonable manner D. repossess and retain the collateral E. relinquish the security interest in the collateral and proceed to judgment against the debtor to recover the underlying debt

If a drawer and a payee or holder have accounts at different banks, the payer bank and depositary bank are not the same bank. In this case, the check is called a(n)_____ item. Question content area bottom Part 1 A. "on them" B. "on us" C. transitory D. diversified E. intermediary

If a payer bank has paid an altered check, it can charge the drawer's account for the _____ of the check. Question content area bottom Part 1 A. original tenor B. postdated amount C. secondary purpose D. altered tenor E. altered amount

If a real estate agent who is employed to purchase real estate for a principal secretly sells his or her own property to the principal, this is a violation of the duty of loyalty known as __________. Question content area bottom Part 1 A. usurping an opportunity B. misuse of confidential information C. dual agency D. self-dealing E. competing with the principal

If an instrument is payable to "Shou-Yi Kang and Min-Wer Chen," who may indorse and negotiate the instrument? Question content area bottom Part 1 A. Min-Wer Chen only B. Shou-Yi Kang only C. either Shou-Yi Kang or Min-Wer Chen D. both Shou-Yi Kang and Min-Wer Chen E. neither, the payable clause is ineffective

If an instrument is payable to "Shou-Yi Kang or Min-Wer Chen," who may indorse and negotiate the instrument? Question content area bottom Part 1 A. Min-Wer Chen only B. Shou-Yi Kang only C. either Shou-Yi Kang or Min-Wer Chen D. both Shou-Yi Kang and Min-Wer Chen E. neither, the payable clause is ineffective

If an instrument is payable to "Shou-Yi Kang/Min-Wer Chen," who may indorse and negotiate the instrument? Question content area bottom Part 1 A. Min-Wer Chen only B. Shou-Yi Kang only C. either Shou-Yi Kang or Min-Wer Chen D. both Shou-Yi Kang and Min-Wer Chen E. neither, the payable clause is ineffective

If the debtor is _____, he or she has little or no property or income that can be garnished to pay the debt. Question content area bottom Part 1 A. secured B. a corporation C. unsecured D. judgment proof E. a sole proprietorship

If the same wrongdoer engages in a series of forgeries or alterations on the same account, the customer must report that to the payer bank within a reasonable period of time, not exceeding _____ from the date that the bank statement was made available to the customer. Question content area bottom Part 1 A. six months B. nine months C. 30 days D. one year E. three months

If the ________ of a nonnegotiable contract fails to pay it, the ________ of the contract can sue the nonperforming party for breach of contract. Question content area bottom Part 1 A. maker; drawer or holder B. maker or drawer; holder C. maker or holder; drawer D. holder; maker or drawer E. drawer; maker

If two or more secured parties claim an interest in the same collateral but neither has a perfected claim, the first to _____ has priority. Question content area bottom Part 1 A. litigate B. mediate C. detach D. attach E. arbitrate

If two or more secured parties claim an interest in the same collateral but only one has perfected his or her security interest, the _____ interest has priority. Question content area bottom Part 1 A. perfected B. unperfected C. constructive D. equitable E. symbolic

If two or more secured parties have perfected security interests in the same collateral, the first to _____ has priority. Question content area bottom Part 1 A. detach B. arbitrate C. litigate D. perfect E. remunerate

In an undisclosed agency, who has liability to the third party? Question content area bottom Part 1 A. the principal only B. the government only C. neither the principal nor the agent D. both the principal and the agent E. the agent only

In a _____ arrangement, a third party promises to be primarily liable with the borrower for the payment of the borrower's debt, while in a _____ arrangement, a third party promises to be secondarily liable for the payment of another's debt. Question content area bottom Part 1 A. mortgage; deed of trust B. deed of trust; mortgage C. guaranty; surety D. subrogation; cosigner E. surety; guaranty

In many situations, a principal and an agent do not expressly create an agency. Instead, the agency is inferred from the conduct of the parties. This type of agency is referred to as a(n) _____ agency. Question content area bottom Part 1 A. durable B. reserved C. implied D. general E. express

In August, Sue finds a check from last December in her top desk drawer, this is known as a(n) Question content area bottom Part 1 A. stale check B. incomplete check C. stop-payment order D. ordinary check E. postdated check

In March, Sue finds a check from last December in her top desk drawer. This is known as a(n) _______. Question content area bottom Part 1 A. ordinary check B. stale check C. stop-payment order D. postdated check E. incomplete check

In a(n) _____ agency, a contracting third party does not know of either the existence of the agency or the principal's identity. Question content area bottom Part 1 A. statutory B. symbolic C. common law D. constructive E. undisclosed

Jenni signs a promissory note to pay $1,000 to Allen. Allen cleverly raises the note to $10,000 and negotiates the note to Brent. Brent indorses the note and negotiates it to Matthew. When Matthew presents the note to Jenni for payment, Jenni gives him $1,000. Matthew can collect ___________. Question content area bottom Part 1 A. $9,000 from Brent B. nothing C. the remainder form Allen D. $10,000 from Brent E. the remainder from Jenni

Jonas purchases a used car from Terry and signs a promissory note promising to pay Terry the purchase price plus interest over three years. Terry, the seller, warrants that the car is in perfect working condition. A month later, the car's engine fails because it had never been maintained despite 15 years of use. The cost of repair is $5,000. Terry negotiates the promissory note to Leon, a holder in due course (HDC). When Leon presents the note to Jonas for payment, _____. Question content area bottom Part 1 A. Jonas can raise the personal defense of breach of contract B. Jonas must pay up C. Jonas can raise the universal defense of illegality against the enforcement of the note D. Jonas can raise the universal defense of breach of contract E. Jonas can raise the personal defense of illegality against enforcement of the note

Jordan is a lawyer who has her own law firm and specializes in real estate law. Dylan, a real estate developer, hires Jordan to represent him in the purchase of land. Dylan is the _______, and Jordan is the ________. Question content area bottom Part 1 A. agent; independent contractor B. principal; employee C. principal; independent contractor D. principal; subagent E. agent; employee

Marty Levine sees a house for sale and thinks his friend Linda Maxwell would want to buy it. Marty enters into a contract to purchase the house from the seller and signs the contract "Marty Levine, agent for Linda Maxwell." Which of the following is NOT true? Question content area bottom Part 1 A. If Linda had signed an agency agreement with Marty, Linda Maxwell would be obligated to purchase the house. B. If Linda does not accept the contract, she is not bound by it. C. Because Marty is not Linda Maxwell's agent, Linda is not bound to the contract. D. If Linda agrees to purchase the house, there is an agency by ratification. E. Because Marty is now Linda Maxwell's agent, Linda is bound to the contract.

Maya Corporation borrows $100,000 from First Bank and gives the bank a security interest in both its current and after-acquired inventory. If Maya Corporation defaults on its loan to First Bank, _______. Question content area bottom Part 1 A. the bank may only claim after-acquired inventory if it was acquired prior to the signing of the security agreement B. the bank can claim any available original inventory as well as enough after-acquired inventory to satisfy its secured claim C. the bank may only claim the after acquired inventory D. the bank may only claim the original inventory E. the bank may only claim after-acquired inventory if it was acquired prior to the filing of a UCC-1

Maya buys a car from Santiago for $10,000. If Maya signs a promissory note that promises to pay Santiago when she graduates from college and gets a job, the document would be _____. Question content area bottom Part 1 A. nonnegotiable - the instrument is not payable on demand or at a definite time B. nonnegotiable - the promise is conditional C. negotiable - it is in writing D. negotiable - it is a promise or order to pay E. negotiable - it is for a fixed amount

Maya buys a car from Santiago for $10,000. If Maya signs a promissory note that promises to pay Santiago $9,000 and repair his air conditioning system, the document would be _____. Question content area bottom Part 1 A. negotiable - it is in writing B. nonnegotiable - the promise states an additional undertaking C. negotiable - it is a promise or order to pay D. nonnegotiable - the promise is conditional E. negotiable - it is for a fixed amount

Most states permit foreclosure through _________________. Question content area bottom Part 1 A. reconveyance B. mechanics lien C. power of sale D. deed of trust E. surety arrangement

Notes can be payable _____. Question content area bottom Part 1 A. on demand, but not at a specific time B. at a specific time, but not on demand C. neither on demand nor at a specific time D. at a specific time or on demand E. through an accord and satisfaction at the unilateral decision of the maker

Notice that an agency has terminated that has been placed in the newspaper is an example of ___________. Question content area bottom Part 1 A. an ineffective termination B. constructive notice C. termination by impossibility of performance D. direct notice E. termination due to unusual circumstances

Olivia signs a document giving her sister the authority to act on her behalf while she undergoes surgery. This is known as a(n) _____. Question content area bottom Part 1 A. durable power of attorney B. agency by ratification C. general power of attorney D. implied agency E. special power of attorney

Olivia signs a document giving her sister the authority to sign any documents necessary to list her house for sale while she is on vacation. This is known as a(n) _____. Question content area bottom Part 1 A. agency by ratification B. general power of attorney C. durable power of attorney D. special power of attorney E. implied agency

Perfection by possession of collateral is a rule stating that if a(n) _____ creditor has _____ possession of the collateral, no financing statement has to be filed. Question content area bottom Part 1 A. unsecured; constructive B. unsecured; symbolic C. secured; future D. unsecured; physical E. secured; physical

Power of _____ is a power stated in a mortgage or deed of trust that permits _____ without court proceedings and sale of the property through auction. Question content area bottom Part 1 A. sale; remuneration B. attorney; reconveyance C. sale; foreclosure D. sale; execution E. attorney; reclamation

Principals often employ outsiders—that is, persons and businesses that are not _____—to perform certain tasks on their behalf. These persons and businesses are called _____. Question content area bottom Part 1 A. employees; independent contractors B. incidental beneficiaries; third party beneficiaries C. independent contractors; employees D. independent contractors; incidental beneficiaries E. third party beneficiaries; incidental beneficiaries

Qaadir hires Zaafir, a lawyer and an independent contractor, to represent him in a court case. While driving to the courthouse to represent Qaadir at trial, Zaafir negligently causes an automobile accident in which Maali is severely injured. Who is liable? Question content area bottom Part 1 A. Zaafir only, because he is an independent contractor B. Qaadir only, because Zaafir is his agent acting on his behalf C. both Zaafir and Qaadir D. Qaadir, because Zaafir is his independent contractor E. no one

Question content area top Part 1 A check is considered finally paid when in all of the following situations EXCEPT? Question content area bottom Part 1 A. when the payer bank pays the check in cash B. when the payer bank fails to dishonor an "on them" check by its midnight deadline C. when the presenter gets cash in hand for the full amount of the check D. when the payer bank fails to dishonor an "on us" check by the opening of business on the second banking day following the receipt of the check E. when the payer bank settles for the check without having a right to revoke the settlement

Question content area top Part 1 A creditor who has the only _____ interest in the debtor's collateral has priority over _____ interests. Question content area bottom Part 1 A. secured; unsecured B. unsecured; secured C. conditional; unconditional D. equitable; contractual E. constructive; symbolic

Question content area top Part 1 A financing statement is a document filed by a(n) _____ creditor with the appropriate government office that constructively notifies the world of his or her security interest in _____ property. Question content area bottom Part 1 A. non-commercial; real B. unsecured; personal C. secured; real D. unsecured; real E. secured; personal

Question content area top Part 1 A holder in due course (HDC) takes a negotiable instrument free of all claims and most defenses that can be asserted against the transferor of the instrument. Only _____ defenses—and not _____ defenses—may be asserted against an HDC. Question content area bottom Part 1 A. personal; special endorsement B. personal; universal C. universal; personal D. blank endorsement; special endorsement E. universal; blank endorsement

Question content area top Part 1 A holder who either (1) __________ or (2) __________ without the consent of the parties who would benefit thereby discharges those parties from their obligation on the instrument [UCC 3-605(e)]. This discharge is called impairment of the right of recourse. Question content area bottom Part 1 A. releases an obligor from liability; forges the instrument B. forges the instrument; releases an obligor from liability C. cancels an instrument; forges an instrument D. releases an obligor from liability; surrenders the collateral E. endorses an instrument; forges an instrument

Question content area top Part 1 A trade acceptance is also known as a bill of _____. Question content area bottom Part 1 A. indictment B. exchange C. certiorari D. resolution E. attainder

Question content area top Part 1 Alonzo is the bookkeeper at Sunshine Blinds. As bookkeeper, Alonzo makes out and signs the payroll checks for the company. Alonzo draws a payroll check payable to the order of his neighbor LaToya, who does not work for the company. Alonzo does not intend LaToya to receive this money. He indorses LaToya's name on the check and names himself as the indorsee and then cashes the check at the grocery store. Who is liable for the loss to the grocery store? Question content area bottom Part 1 A. LaToya, and not the grocery store B. LaToya, and not Alonzo C. Sunshine Blinds, and not LaToya D. the grocery store, and not LaToya E. Alonzo, and not Sunshine Blinds

Question content area top Part 1 An agency is terminated by operation of law in which of the following circumstances? Question content area bottom Part 1 A. the bankruptcy of the principal B. the mutual assent of the parties C. the occurrence of a stated event D. if a specified purpose is achieved E. if a stated time has elapsed

Question content area top Part 1 An agency terminates by _____ of performance because a situation arises that makes the fulfillment of the agency impossible. Question content area bottom Part 1 A. revocation B. impossibility C. rejection D. improbability E. rescission

Question content area top Part 1 An indorsement in trust is also known as a(n) _____ indorsement. Question content area bottom Part 1 A. special B. official C. testamentary D. agency E. blank

Question content area top Part 1 An instrument that is NOT payable to a specific payee or indorsee is _____ paper. Question content area bottom Part 1 A. order B. non-negotiable C. bearer D. non-transferable E. delegated

Question content area top Part 1 Article _____ of the Uniform _____ Code establishes rules regulating the creation and collection of and liability for wire transfers. Question content area bottom Part 1 A. 4; Contracts B. 3; Commercial C. 4A; Commercial D. 2; Contracts E. 2A; Commercial

Question content area top Part 1 Article _____, Section _____, Clause 4 of the U.S. Constitution states, "The Congress shall have the power...to establish...uniform laws on the subject of bankruptcies throughout the United States." Question content area bottom Part 1 A. III; 8 B. II; 8 C. I; 8 D. II; 5 E. I; 5

Question content area top Part 1 Assume that a state's law declares gambling to be illegal and gambling contracts to be void. Terry wins $5,000 from Jonas in an illegal poker game. Jonas, who does not have cash to immediately cover his debt, signs a promissory note promising to pay Terry this amount plus 10 percent interest in 30 days. Terry negotiates this note to Leon, an HDC. When Leon presents the note to Jonas for payment, _____. Question content area bottom Part 1 A. Jonas can raise the universal defense of breach of contract B. Jonas can raise the personal defense of illegality against enforcement of the note C. Jonas can raise the universal defense of illegality against the enforcement of the note D. Jonas must pay up E. Jonas can raise the personal defense of breach of contract

Question content area top Part 1 A _____ agreement is an agreement entered into by a debtor with a creditor prior to discharge whereby the debtor agrees to pay the creditor a debt that would otherwise be discharged in bankruptcy. Question content area bottom Part 1 A. revocation B. reclamation C. reaffirmation D. restitution E. rehabilitation

Question content area top Part 1 A _____ transaction occurs when a seller sells goods to a buyer on credit and retains a security interest in the goods. Question content area bottom Part 1 A. two-party unsecured B. three-party unsecured C. three-party secured D. multi-party; unsecured E. two-party secured

Question content area top Part 1 Bearer paper is negotiated by _____. Question content area bottom Part 1 A. assignment and delegation B. a principal C. an agent D. indorsement E. delivery

Question content area top Part 1 Cancellation can be accomplished by (1) any manner apparent on the face of the instrument or the indorsement (e.g., ________) or (2) _______ of a negotiable instrument with the intent of eliminating the obligation. Question content area bottom Part 1 A. writing canceled on the instrument; destruction or mutilation B. paying it in full to the holder; the forging C. accommodation; discharge D. writing canceled on the instrument; transfer E. paying it in full to the maker; transfer

Question content area top Part 1 If a bank does not honor a check when there are sufficient funds in the drawer's account to pay a properly payable check, it is liable for _________. The _________ bank is liable to the __________ for damages proximately caused by the wrongful dishonor as well as for consequential damages, damages caused by criminal prosecution. Question content area bottom Part 1 A. wrongful dishonor; payee; drawer B. wrongful dishonor; payer; payee C. wrongful dishonor; payer; drawer D. wrongful dishonor; drawer; payer E. incomplete check; payer; drawer

Question content area top Part 1 If a debtor qualifies for a Chapter 7 bankruptcy, the _________ property of the bankruptcy estate must be distributed to the debtor's secured and unsecured creditors pursuant to statutory priority established by the Bankruptcy code. Question content area bottom Part 1 A. exempt B. voidable C. nonexempt D. executed E. executory

Question content area top Part 1 Intentional torts include all but which of the following? Question content area bottom Part 1 A. negligence B. assault C. battery D. false imprisonment E. intentional infliction of emotional distress

Question content area top Part 1 In a(n) _____ agency, a contracting third party knows that the agent is acting for a principal but does not know the identity of the principal. Question content area bottom Part 1 A. fully disclosed B. statutory C. undisclosed D. common law E. partially disclosed

Question content area top Part 1 Luis borrows $25,000 from Diego at 5 percent interest and signs a document agreeing to repay the principal and interest in equal monthly installments over five years. The document also contains a reference to another document. If Diego transfers the note to Adelina, which of the following is true? Question content area bottom Part 1 A. Adelina may enforce the note against Luis, but any defenses that Luis has against Diego can be enforced against Adelina. B. The transfer entitled Adelina to be a holder in due course. C. Any defenses may only be enforced against Diego. D. The transfer entitles Luis to be a holder in due course. E. Only Diego may enforce the note against Luis.

Question content area top Part 1 Maya buys a car from Santiago for $10,000. If Maya signs a promissory note that promises to pay Santiago if the car passes an emissions inspection, the document would be _____. Question content area bottom Part 1 A. negotiable - it is in writing B. nonnegotiable - it is not for a fixed amount C. negotiable - it is a promise or order to pay D. nonnegotiable - the promise is conditional E. negotiable - it is for a fixed amount

Question content area top Part 1 Michael has a banking account at Big Money Bank. He deposits a check in the bank that is also drawn on Big Money Bank. What is the nature of Michael's and Big Money Bank's relationship in this transaction? Question content area bottom Part 1 A. promisor-promisee B. creditor-debtor C. principal-agent D. obligor-obligee E. assignor-assignee

Question content area top Part 1 Monte purchases a book of Shakespeare's sonnets from Sabino. At the time of sale, Sabino tells Monte that the book is a first edition. Monte, relying on this statement, purchases the book for $10,000. He pays 10 percent down and signs a promissory note to pay the remainder of the purchase price, with interest, in 12 equal monthly installments. Sabino transfers the note to Paquita. In the meantime, Monte discovers that the book is a worthless imitation. Which of the following statements is NOT true? Question content area bottom Part 1 A. Personal defenses cannot be asserted against an HDC. B. A holder in due course acquires greater rights than a holder. C. If Paquita were a holder in due course of the note, Monte could assert Sabino's fraudulent representations against enforcement of the note by Paquita. D. Only universal defenses can be asserted against an HDC. E. If Paquita were a holder (but not an HDC) of the note, Monte could assert Sabino's fraudulent representations against enforcement of the note by Paquita.

Question content area top Part 1 Notice of dishonor is the formal act of letting the party with _____ liability to pay a negotiable instrument know that the instrument has been _____. Question content area bottom Part 1 A. primary; served B. secondary; executed C. secondary; dishonored D. primary; executed E. primary; dishonored

Question content area top Part 1 Personal property includes _____ property such as equipment, vehicles, furniture, and jewelry, as well as _____ property such as securities, patents, trademarks, and copyrights. Question content area bottom Part 1 A. intangible; physical B. tangible; real C. intangible; tangible D. tangible; intangible E. real; physical

Question content area top Part 1 Sandra borrows $25,000 from Joshua at 5 percent interest and signs a promissory note agreeing to repay the principal and interest in equal monthly installments over 5 years. Because the note contains a reference to another document, it becomes a(n) _______. Question content area bottom Part 1 A. nonnegotiable instrument B. assignment C. negotiable instrument D. order paper E. bearer paper

Question content area top Part 1 Suppose a check is drawn "payable to Anne Scott, attorney, in trust for Dario Mullen." If Scott indorses the check to an automobile dealer in payment for a car that she purchases personally, which of the following is true? Question content area bottom Part 1 A. Dario has no recourse because this was an invalid restrictive indorsement. B. Only Scott is liable because this was an indorsement in trust. C. The automobile dealer is liable to Dario Mullen for any losses that arise because of the dealer's noncompliance with the restrictive indorsement. D. Dario has no recourse because this was an special indorsement. E. Dario has no recourse because this was an blank indorsement.

Question content area top Part 1 Suppose a principal hires a lawyer to represent her in a lawsuit until the lawsuit is resolved. If the principal and the lawyer voluntarily agree to terminate the relationship prior to the resolution of the case by trial or settlement, the agency is _____. Question content area bottom Part 1 A. terminated by an unusual change in circumstances B. terminated by operation of law C. not terminated, since the lawsuit remains unresolved D. terminated by an act of the parties E. terminated by impossibility of performance

Question content area top Part 1 The Bank Secrecy Act is a federal law that requires financial institutions and other entities to report to the Internal Revenue Service (IRS) the receipt of a transaction or series of transactions in an amount greater than _____ in cash and suspected criminal activity involving a financial transaction of _____ or more in funds. Question content area bottom Part 1 A. $5,000; $1,000 B. $3,000; $1,000 C. $10,000; $1,000 D. $10,000; $500 E. $5,000; $500

Question content area top Part 1 The drawer of a check is the party ________. Question content area bottom Part 1 A. who must pay the money stated in a check B. in possession of the instrument C. who writes the check D. who receives the money from a check E. who promises to pay the note

Question content area top Part 1 The first step in determining whether a debtor qualifies for Chapter 7 relief is to apply the _____ income test. Question content area bottom Part 1 A. mean B. mode C. average D. median E. poverty

Question content area top Part 1 The party who employs an independent contractor is called a(n) _____. Question content area bottom Part 1 A. trustor B. agent C. principal D. employer E. assignee

Question content area top Part 1 The _____ Reform and Anti-_____ Lending Act is designed to eliminate many abusive loan practices and mandates new duties and disclosure requirements for mortgage lenders. Question content area bottom Part 1 A. Mortgage; Predatory B. Consumer; Commercial C. Mortgage; Tort D. Tort; Mortgage E. Tort; Predatory

Question content area top Part 1 The _____ of a check is the customer who maintains the checking account and writes checks against the account. Question content area bottom Part 1 A. drawer B. payee C. drawee D. guarantor E. acceptor

Question content area top Part 1 The _____ requirement of negotiable instruments says that they must be able to be easily transported between areas. Question content area bottom Part 1 A. commercial B. signature C. deportability D. portability E. permanency

Question content area top Part 1 Unsecured credit does not require any _____ to protect the payment of the debt. Question content area bottom Part 1 A. consideration B. contract C. collateral D. moral obligation E. promise

Question content area top Part 1 Upon the filing of a voluntary or an involuntary petition, all EXCEPT which of the following creditor actions are stayed? Question content area bottom Part 1 A. filing a proof of claim B. instituting or maintaining legal actions to collect prepetition debts C. obtaining, perfecting, or enforcing liens against the property of the debtor D. non-judicial collection efforts, such as self-help activities E. enforcing judgments obtained against the debtor

Question content area top Part 1 Which of the following is NOT a common type of breach of the agent's duty of loyalty to the principal? Question content area bottom Part 1 A. single agency with the principal B. self-dealing C. usurping an opportunity D. competing with the principal E. misuse of confidential information

Question content area top Part 1 Which of the following is NOT a federal exemption recognized by the Bankruptcy Code? Question content area bottom Part 1 A. up to $25,150 in equity in a burial plot B. personal injury awards up to $25,150 C. up to $150,000 in equity in property used as a primary residence D. up to $4,000 in value in one motor vehicle E. any unmatured life insurance policy owned by the debtor

Question content area top Part 1 Which of the following is NOT a presentment warranty? Question content area bottom Part 1 A. The presenter has no knowledge that the signature of the maker is unauthorized. B. The instrument has not been materially altered. C. The presenter has good title to the instrument or is authorized to obtain payment or acceptance of the person who has good title. D. The presenter has no knowledge that the signature of the drawer is unauthorized. E. The transferor has good title to the instrument or is authorized to obtain payment or acceptance on behalf of one who does have good title.

Question content area top Part 1 Which of the following is NOT an example of tangible collateral? Question content area bottom Part 1 A. iron ore B. stocks and bonds C. moving cranes D. manufactured homes E. unborn young of animals

Question content area top Part 1 Which of the following is NOT true about a Chapter 13 bankruptcy? Question content area bottom Part 1 A. Chapter 13 enables debtors to catch up on secured credit loans, such as home mortgages, and avoid repossession and foreclosure. B. Chapter 13 permits a debtor to propose a plan to pay all or a portion of the debts owed in installments over a specified period of time. C. Chapter 13 petitions are usually filed by individual debtors who do not qualify for Chapter 7 liquidation bankruptcy and by homeowners who want to protect nonexempt equity in their residence. D. The bankruptcy court supervises the debtor's plan for the payment in a Chapter 13 bankruptcy case. E. Chapter 13 is only available to corporations, partnerships, and LLCs.

Question content area top Part 1 Which of the following is NOT true about a deficiency judgment? Question content area bottom Part 1 A. If the underlying transaction is the sale of accounts, chattel paper, payment intangibles, or promissory notes, the debtor is entitled to any surplus and is not liable for any deficiency. B. If the underlying transaction is the sale of accounts, chattel paper, payment intangibles, or promissory notes, the debtor is not entitled to any surplus and is not liable for any deficiency. C. Unless otherwise agreed, after a debtor's default, if the proceeds from the disposition of collateral are not sufficient to pay the expenses incurred by the secured party for the collection and enforcement of the debt and to satisfy the debt to the secured party, the debtor is personally liable to the secured party for the payment of the deficiency. D. A secured party may bring an action to recover a deficiency judgment against the debtor. E. The parties may agree in their security agreement that the debtor will not be liable for any deficiency.

Question content area top Part 1 Which of the following is NOT true about a proof of claim and proof of interest? Question content area bottom Part 1 A. A creditor must file a proof of claim stating the amount of the claim against the debtor. B. The document for filing a proof of claim is provided by the court. C. A secured creditor whose claim exceeds the value of the collateral may submit a proof of claim and become an unsecured claimant as to the difference. D. The proof of claim must be timely filed, which generally means within 12 months of the first meeting of the creditors. E. An equity security holder (e.g., a shareholder of a corporation) must file a proof of interest.

Question content area top Part 1 Which of the following is NOT true about disposing of the collateral? Question content area bottom Part 1 A. The method, manner, time, place, and terms of the disposition must be commercially reasonable. B. The secured party must notify the debtor in writing about the time and place of any public or private sale or any other intended disposition of the collateral unless the debtor has signed a statement renouncing or modifying the right to receive such notice. C. The debtor is not entitled to receive any surplus that remains after the sale or other disposition. D. Disposition of collateral may be by public or private proceeding. E. In the event of a debtor's default, a secured party may sell, lease, or otherwise dispose of the collateral in its current condition or following any commercially reasonable preparation or processing.

Question content area top Part 1 Which of the following is NOT true regarding financing statements? Question content area bottom Part 1 A. Most states require financing statements covering farm equipment, farm products, accounts, and consumer goods to be filed with the county clerk [Revised UCC 9-501]. B. Financing statements can only be reviewed by approved creditors. C. Financing statements are effective for 5 years from the date of filing [Revised UCC 9-515(a)]. D. A continuation statement may be filed up to 6 months prior to the expiration of a financing statement's 5-year term. E. They serve as constructive notice to the world that a creditor claims an interest in a property.

Question content area top Part 1 Which of the following is NOT true regarding powers of attorney? Question content area bottom Part 1 A. To be enforceable, powers of attorney must be written. B. In a power of attorney relationship, the agent is called an attorney-in-fact even though they do not have to be a lawyer. C. A general power of attorney confers broad powers on the agent to act in any matters on the principal's behalf. D. A power of attorney may be given verbally. E. A power of attorney is one of the most formal types of express agency agreements.

Question content area top Part 1 Which of the following is an INCORRECT statement regarding a payee's misspelled name on an instrument? Question content area bottom Part 1 A. The payee can indorse the instrument using the misspelled name. B. The payee can indorse the instrument. C. The instrument is non-negotiable. D. The payee can indorse the instrument using the correct name. E. The payee can indorse the instrument using both the misspelled name and the correct name.

Question content area top Part 1 Which of the following is an INCORRECT statement regarding defenses to payment of negotiable instruments? Question content area bottom Part 1 A. Personal and universal defenses can be raised against a normal holder of a negotiable instrument. B. The creation of negotiable instruments may give rise to defenses against their payment. C. A holder through an HDC takes an instrument free from personal defenses, but not universal defenses. D. A holder in due course (HDC) takes an instrument free from universal defenses, but not personal defenses. E. There are two general types of defenses: 1) universal (real) defenses and 2) personal defenses.

Question content area top Part 1 Which of the following is an INCORRECT statement regarding independent contractors? Question content area bottom Part 1 A. Certified public accountants commonly act as independent contractors. B. A principal can authorize an independent contractor to enter into contracts. C. If a client authorizes an attorney to settle a case within a certain dollar amount and the attorney does so, the settlement agreement is binding. D. As a general rule, employees are independent contractors. E. Doctors commonly act as independent contracts.

Question content area top Part 1 Which of the following is an INCORRECT statement regarding primary liability for negotiable instruments? Question content area bottom Part 1 A. The issuer of a cashier's check is secondarily liable on the instrument. B. A check is accepted when it is certified by a bank. C. Acceptance of a draft occurs when the drawee writes the word accepted across the face of the draft. D. An acceptor is primarily liable on an instrument. E. A bank's certification of a check discharges the drawer and all prior indorsers from liability on the check.

Question content area top Part 1 Which of the following is the most common method of perfecting a creditor's security interest in collateral? Question content area bottom Part 1 A. eminent domain B. adverse possession C. affirmation D. filing a financing statement with the debtor's financial institution E. filing a financing statement in the appropriate government office

Question content area top Part 1 A(n) _____ check is a check issued by a bank for which the customer has paid the bank the amount of the check and a fee. The bank guarantees payment of the check. Question content area bottom Part 1 A. secondary B. certified C. indorser D. accountancy E. cashier's

Question content area top Part 1 A(n) _____ draft is payable at a designated future date. Question content area bottom Part 1 A. qualified B. unconditional C. demand D. time E. statutory

Question content area top Part 1 A(n) _____ indorsement contains the signature of the indorser and specifies the person (or indorsee) to whom the indorser intends the instrument to be payable. Question content area bottom Part 1 A. blank B. qualified C. official D. restrictive E. special

Question content area top Part 1 A(n) _____ indorsement includes the notation "without recourse" or similar language that disclaims liability of the indorser. Question content area bottom Part 1 A. testamentary B. restrictive C. official D. special E. qualified

Question content area top Part 1 A(n) _____ instrument is payable: 1) to the order of an identified person; or 2) to an identified person or order. Question content area bottom Part 1 A. conditional B. non-negotiable C. order D. holder E. bearer

Question content area top Part 1 A(n) _____ is a holder who takes a negotiable instrument for value, in good faith, and without notice that it is defective or overdue. Question content area bottom Part 1 A. CNC B. MPC C. HDC D. SPC E. DRC

Question content area top Part 1 A(n) _____ is a person who authorizes an agent to sign a negotiable instrument on his or her behalf. Question content area bottom Part 1 A. attorney-in-fact B. acceptor C. agent D. principal E. attorney-in-law

Question content area top Part 1 A(n) _____ is a person who has been authorized to sign a negotiable instrument on behalf of another person. Question content area bottom Part 1 A. delegate B. principal-in-fact C. acceptor D. principal-in-law E. agent

Question content area top Part 1 A(n) _____ party signs an instrument and lends his or her name (and credit) to another party to the instrument. Question content area bottom Part 1 A. certification B. restrictive C. accommodation D. qualified E. ratification

Question content area top Part 1 A(n) _____ states that it is for the benefit or use of the indorser or another person. Question content area bottom Part 1 A. restrictive indorsement B. blank indorsement C. indorsement for deposit or collection D. indorsement in trust E. special indorsement

Question content area top Part 1 A(n) _____ statute prohibits deficiency judgments regarding certain types of mortgages, such as those on _____ property. Question content area bottom Part 1 A. anti-deficiency; rural B. deficiency; commercial C. reconveyance; urban D. anti-deficiency; residential E. deficiency; government-owned

Question content area top Part 1 A(n) _____ statute prohibits deficiency judgments regarding certain types of mortgages, such as those on _____ property. Question content area bottom Part 1 A. deficiency; government-owned B. deficiency; commercial C. anti-deficiency; residential D. anti-deficiency; rural E. reconveyance; urban

Question content area top Part 1 A(n) ________ petition can be filed by the debtor in ________ bankruptcy cases. Question content area bottom Part 1 A. involuntary; Chapters 7, 11, 12 and 13 B. voluntary; Chapters 7 and 11, but not in Chapters 12 and 13 C. involuntary; Chapters 7 and 11, but not in Chapters 12 and 13 D. voluntary; Chapters 7, 11, 12 and 13 E. voluntary; Chapters 12 and 13, but not in Chapters 7 and 11

Question content area top Part 1 _____ liability is the absolute liability to pay a negotiable instrument, subject to certain universal (real) defenses. Question content area bottom Part 1 A. Conditional B. Primary C. Tertiary D. Constructive E. Secondary

Question content area top Part 1 _____ liability on a negotiable instrument is imposed on a party only when the party _____ liable on the instrument defaults and fails to pay the instrument when due. Question content area bottom Part 1 A. Primary; conditionally B. Primary; secondarily C. Conditional; symbolically D. Secondary; conditionally E. Secondary; primarily

Question content area top Part 1 _____ of a security interest is a process that establishes the right of a(n) _____ creditor against other creditors who claim an interest in the collateral. Question content area bottom Part 1 A. Detachment; unsecured B. Perfection; unsecured C. Separation; secured D. Perfection; secured E. Detachment; secured

Question content area top Part 1 _____ of collateral is a secured creditor's repossession of collateral on a debtor's default and selling, leasing, or otherwise disposing of it in a _____ manner. Question content area bottom Part 1 A. Disposition; commercially reasonable B. Deposition; commercially reasonable C. Disposition; personally convenient D. Defalcation; commercially reasonable E. Defalcation; personally convenient

Raymond buys a house for $800,000. He puts $200,000 down and borrows $600,000 from a bank, which takes a mortgage on the property to secure the loan. Raymond defaults, and when the bank forecloses on the property, it is worth only $500,000. There is a deficiency of $100,000 ($600,000 loan ? $500,000 foreclosure sale price). The bank _____. Question content area bottom Part 1 A. can recover $600,000 from Raymond's other property B. can exercise its right of redemption C. can exercise its power of sale D. can recover the $100,000 deficiency from Raymond's other property. E. cannot recover the amount lost

Sally hires James to work as an employee at her firm. James does not have the ability to enter into contracts on behalf of Sally. This is called a(n) ________. Question content area bottom Part 1 A. principal-agent relationship B. implied agency C. principal-independent contractor relationship D. general power of attorney E. employer-employee relationship

Sarah purchases an automobile from a car dealership. She borrows part of the purchase price from a lender. The lender requires Sarah to give it a _____ in the automobile to secure the loan. This is a secured credit transaction with the automobile being _____ for the loan. If Sarah defaults and fails to make the required payments, the lender can _____. Question content area bottom Part 1 A. mortgage; collateral; enter a deficiency judgment B. right of redemption; protection; repossess the automobile C. right of redemption; protection; foreclose on the property D. mortgage; collateral; repossess the automobile E. security interest; collateral; repossess the automobile

Section 1(1) of the Restatement (Second) of Agency defines agency as a(n) _____ relationship "which results from the manifestation of consent by one person to another that the other shall act in his behalf and subject to his control." Question content area bottom Part 1 A. fallacious B. employment C. entreated D. fiduciary E. fictitious

Sometimes principals request that agents run errands or conduct other acts on their behalf while the agent or employee is on personal business. In this case, the agent is on a _____, and most jurisdictions hold _____ liable if the agent injures someone while on such a mission. Question content area bottom Part 1 A. dual-purpose mission; the agent, but not the principal, B. unilateral mission; neither the principal nor the agent C. unilateral mission; both the principal and the agent D. dual-purpose mission; both the principal and the agent E. dual-purpose mission; the principal, but not the agent,

Sometimes principals request that agents run errands or conduct other acts on their behalf while the agent or employee is on personal business. In this case, the agent is on a _____, and most jurisdictions hold _____ liable if the agent injures someone while on such a mission. Question content area bottom Part 1 A. dual-purpose mission; the agent, but not the principal, B. dual-purpose mission; the principal, but not the agent, C. unilateral mission; both the principal and the agent D. dual-purpose mission; both the principal and the agent E. unilateral mission; neither the principal nor the agent

Suppose Big Oil Company owns a manufacturing plant and has borrowed $50 million from a bank and used the plant as collateral for the loan. If Big Oil Company files for Chapter 11 bankruptcy, an automatic stay _____. Question content area bottom Part 1 A. allows the bank to foreclose and take the property, subject to the approval of the bankruptcy trustee B. allows the bank to foreclose and take the property, subject to the approval of the bankruptcy judge C. permits the bank to foreclose and take the property outside of bankruptcy, since the loan is secured, and since the bank is a secured creditor D. allows the bank to foreclose and take the property, subject to the approval of a "super-majority" (i.e., 2/3rds or more of the remaining creditors) E. prevents the bank from foreclosing and taking the property

Suppose that at the time that Jerome is granted Chapter 7 relief, he still owes $50,000 of unsecured debt and that there is no money in the bankruptcy estate to pay these liabilities. This debt is composed of credit card debt, an unsecured loan from a friend, and unsecured credit from a department store. This $50,000 of unsecured credit is _______________. This means that Jerome _______________________________________. Question content area bottom Part 1 A. reinstated; must pay it back pursuant to the reorganization plan B. discharged; must pay it over the next 5 years C. ratified; is relieved of this debt and is not legally liable for its repayment D. discharged; is relieved of this debt and is not legally liable for its repayment E. ratified; must pay it over the next 5 years

Tamara sues Jerry for fraud. Tamara lost a large sum of money to Jerry when she invested in what she alleges was a fraudulent investment scheme. If Tamara is afraid that Jerry will dispose of property prior to the resolution of the lawsuit she has filed, in order to attempt to avoid paying her the funds he owes to her, she _______. Question content area bottom Part 1 A. must enter into a guaranty arrangement B. must enter into a surety arrangement C. may file for a writ of garnishment D. may file for a writ of execution E. may file for a writ of attachment

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 gives the bankruptcy court the power to void certain fraudulent transfers of a debtor's property made by the debtor within _____ prior to filing a petition for bankruptcy. Question content area bottom Part 1 A. two years B. thirty days C. sixty days D. six months E. one year

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires an attorney _____ whereby an attorney who represents a client in bankruptcy must certify the accuracy of the information contained in the bankruptcy petition and the schedules, under penalty of _____. Question content area bottom Part 1 A. addendum; perjury B. certification; perjury C. warranty; conspiracy D. certification; conspiracy E. addendum; conspiracy

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires that before an individual debtor receives a discharge in a Chapter _____ or Chapter _____ bankruptcy, the debtor must attend a personal _____ course approved by the U.S. Trustee. Question content area bottom Part 1 A. 7; 11; financial management B. 11; 13; financial management C. 7; 13; financial management D. 7; 11; responsibility E. 7; 13; responsibility

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires that before an individual debtor receives a discharge in a Chapter _____ or Chapter _____ bankruptcy, the debtor must attend a personal _____ course approved by the U.S. Trustee. Question content area bottom Part 1 A. 7; 11; financial management B. 7; 11; responsibility C. 7; 13; financial management D. 11; 13; financial management E. 7; 13; responsibility

The Bankruptcy Code permits states to enact their own exemptions. States that do so may (1) give debtors the option of choosing between federal and state exemptions or (2) _____________. The exemptions available under state law are often ___________ vis a vis the debtor than those provided by federal law. Question content area bottom Part 1 A. require debtors to follow federal law; more liberal B. require debtors to follow state law; stricter C. disallow exemptions; stricter D. require debtors to follow federal law; stricter E. require debtors to follow state law; more liberal

The Chapter 7 means test is a calculation that establishes a bright-line test to determine whether the debtor has sufficient _____ income to pay pre-petition debts out of post-petition income. Question content area bottom Part 1 A. taxable B. disposable C. gross D. average E. median

The FTC HDC rule eliminates holder in due course status with regard to negotiable instruments in ____________ transactions. Question content area bottom Part 1 A. real estate B. banking C. consumer D. commercial E. bankruptcy

The Federal Reserve System consists of _____ regional Federal Reserve banks that assist other banks in the collection of checks. Question content area bottom Part 1 A. 15 B. 12 C. 100 D. 46 E. 50

The bankruptcy estate is created _____. Question content area bottom Part 1 A. at the first meeting of creditors B. with the execution of a reclamation agreement C. on the commencement of a bankruptcy case D. at the second meeting of creditors E. with the execution of a reaffirmation agreement

The concept of _____ liability means that a person cannot be held contractually liable on a negotiable instrument unless his or her signature appears on an instrument. Question content area bottom Part 1 A. signature B. promissory C. agency D. estoppel E. executory

The doctrine of _____ rests on the principle that if someone expects to derive certain benefits from acting through others, that person should also bear the liability for injuries caused to third persons by the negligent conduct of an agent who is acting within his or her scope of employment. Question content area bottom Part 1 A. absolute liability B. assumption of the risk C. contributory negligence D. strict liability E. negligence

The duty of _____ is a fiduciary duty owed by an agent not to act adversely to the interests of the principal. Question content area bottom Part 1 A. reciprocity B. reservation C. indemnification D. obedience E. loyalty

The federal exemptions established in the Bankruptcy Code are adjusted every _______ to reflect changes in the consumer price index Question content area bottom Part 1 A. 3 months B. 3 years C. 6 months D. 1 year E. 10 years

The right of _____ allows the mortgagor to redeem real property after _____ and before _____. Question content area bottom Part 1 A. redemption; foreclosure; default B. ademption; foreclosure; default C. reconveyance; default; foreclosure D. redemption; default; foreclosure E. reconveyance; default; foreclosure

The term respondeat superior literally means "_____," and is based on the legal theory of vicarious liability, which is liability _____. Question content area bottom Part 1 A. let the master answer; based on ordinary negligence B. let the master answer; based on gross negligence C. answer to the higher authority; based on recklessness D. answer to the higher authority; based on intent E. let the master answer; without fault

The Dodd-Frank Wall Street Reform and Consumer Protection Act created the _____. Question content area bottom Part 1 A. NASDAQ B. NYSE C. CFPB D. SEC E. FTC

The _____ has adopted a rule that eliminates holder in due course status with regard to negotiable instruments that arise out of certain consumer credit transactions. Question content area bottom Part 1 A. Federal Trade Commission (FTC) B. Consumer Financial Protection Bureau (CFPB) C. Federal Reserve Board (FRB) D. Federal Open Market Committee (FOMC) E. Securities and Exchange Commission (SEC)

The _____ of a check is a bank on which a check is drawn. Question content area bottom Part 1 A. guarantor B. acceptor C. payee D. drawer E. drawee

The _____ of a check is the party to whom a check is written. Question content area bottom Part 1 A. maker B. drawee C. drawer D. indorsee E. payee

The _____ rule states that a drawer or maker is liable on a forged or unauthorized indorsement if the person signing as or on behalf of a drawer or maker intends the named payee to have no interest in the instrument or when the person identified as the payee is a fictitious person. Question content area bottom Part 1 A. imposter B. illusory agent C. fictitious payor D. fictitious payee E. illusory principal

The drawer's failure to report a forged or altered check to the bank within _____ of receiving the bank statement and canceled checks containing it relieves the bank of any liability for paying the instrument. Question content area bottom Part 1 A. nine months B. one year C. one month D. three months E. six months

The owner-debtor in a mortgage arrangement is known as the _____. Question content area bottom Part 1 A. mortgagee B. intended beneficiary C. mortgagor D. incidental beneficiary E. third-party beneficiary

Title X of the _____ Act, which is titled the Consumer Financial Protection Act of 2010, is designed to increase relevant _____ regarding consumer financial products and services. Question content area bottom Part 1 A. Gramm-Rudman; collateral B. Dodd-Frank; disclosure C. Smoot-Hawley; security D. Taft-Hartley; market share E. Gramm-Rudman; market share

To be negotiable, a promise or an order must be _____. Question content area bottom Part 1 A. hypothetical B. conditional C. theoretical D. situational E. unconditional

To void a transfer or an obligation, the court must find that (1) the transfer was made or the obligation was incurred by the debtor with the actual intent to hinder, delay, or defraud a creditor or (2) the debtor _____________________. Question content area bottom Part 1 A. had a state exemption B. received less than a reasonable equivalent in value C. received more than a reasonable equivalent in value D. received the exact value E. had a homestead exemption

Under the UCC "taking without notice of defect" requirement, a person cannot qualify as a holder in due course (HDC) if he or she has notice that the instrument is defective in all EXCEPT which of the following ways? Question content area bottom Part 1 A. It is overdue. B. It has been dishonored. C. It is payable on demand. D. There is a claim to it by another person. E. It contains an unauthorized signature or has been altered.

Under the standard for the __________________, an employer—the ______________—can be liable if an employee, who is motivated by jealousy, injures someone during work hours on the premises. Under this standard, the employee's motivation is immaterial for liability purposes. Question content area bottom Part 1 A. motivation test; agent B. work-related test; agent C. motivation test; principal Your answer is not correct. D. intentional misrepresentation theory; principal E. work-related test; principal

Under the standard for the __________________, an employer—the______________—is not liable if an employee, who is motivated by jealousy, injures someone during work hours on the premises who dated the employee's boyfriend. In this standard, the employee's personal motivation is important to the standard. Question content area bottom Part 1 A. motivation test; agent B. intentional misrepresentation theory; principal C. motivation test; principal D. work-related test; agent E. work-related test; principal

Under the UCC, value has been given if the holder does all EXCEPT which of the following? Question content area bottom Part 1 A. makes an illusory promise B. performs the agreed-on promise C. acquires a security interest in or lien on the instrument D. takes the instrument in payment of or as security for an antecedent claim E. gives a negotiable instrument as payment

Under the _____ rule, a principal is generally _____ for injuries caused by its agents and employees while they are on their way to or from work. Question content area bottom Part 1 A. coming and going; not liable B. tort reform; liable C. coming and going; liable D. frolic and detour; liable E. worker's compensation; liable

Under the _____ test, if an agent commits an intentional tort within a work-related time or space—for example, during working hours or on the principal's premises—the principal is liable for any injuries caused by the agent's intentional torts. Question content area bottom Part 1 A. work-related B. worker's compensation C. tacit approval D. frolic and detour E. coming and going

Under the _____ test, if the agent's motivation for committing an intentional tort is to promote the _____ business, the principal is liable for any injury caused by the tort. Question content area bottom Part 1 A. motivation; agent's B. captivation; principal's C. captivation; agent's D. motivation; third party's E. motivation; principal's

Virtual currency is a _________ form of online currency that uses ________ for security. The first major cryptocurrency was __________. Question content area bottom Part 1 A. decentralized; law enforcement; bitcoin B. decentralized; cryptography; bitcoin C. decentralized; cryptography; FinCen D. decentralized; cryptography; Litecoin E. centralized; cryptography; bitcoin

Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. Disney tell Saul that the maximum it will pay for a 1-acre lot is $1 million. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land for $1.5 million and the agent signs his name "Saul Arnold, agent for Walt Disney", _____. Question content area bottom Part 1 A. only Disney is liable on the contract B. both Saul and Disney are liable on the contract C. only Jackie Knox is liable on the contract D. neither Saul nor Disney is liable on the contract E. only Disney is liable on the contract if Disney ratified the contract

Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. Disney tell Saul that the maximum it will pay for a 1-acre lot is $1 million. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land for $1.5 million and the agent signs his name "Saul Arnold, agent for Walt Disney",_____. Question content area bottom Part 1 A. neither Saul nor Disney is liable on the contract B. only Jackie Knox is liable on the contract C. only Saul is liable on the contract D. both Saul and Disney are liable on the contract E. only Disney is liable on the contract

Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold, agent for Walt Disney," _____. Question content area bottom Part 1 A. only Jackie Knox is liable on the contract B. neither Saul nor Disney is liable on the contract C. only Disney is liable on the contract D. both Saul and Disney are liable on the contract E. only Saul is liable on the contract

Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold, agent," _____. Question content area bottom Part 1 A. only Jackie Knox is liable on the contract B. only Saul is liable on the contract C. neither Saul nor Disney is liable on the contract D. both Saul and Disney are liable on the contract E. only Disney is liable on the contract

Walt Disney Company wants to open a new theme park in Chicago but first needs to acquire land for the park. Disney employs Saul Arnold as an agent to work on its behalf to acquire the needed property, with an express agreement that the agent will not disclose the existence of the agency to a third-party seller. If Jackie Knox, who owns property in Chicago, agrees to sell the needed land and the agent signs his name "Saul Arnold," _____. Question content area bottom Part 1 A. only Saul is liable on the contract B. only Disney is liable on the contract C. only Jackie Knox is liable on the contract D. both Saul and Disney are liable on the contract E. neither Saul nor Disney is liable on the contract

What is an order to pay? Question content area bottom Part 1 A. a maker's promise to pay at payee B. drawee's unconditional order to pay a drawer C. a drawer's promise to pay a payee D. a drawer's unconditional order to a drawee to pay a payee E. a payee's order to pay a maker

When can a debt collector contact a debtor? Question content area bottom Part 1 A. prior to 8:00 AM B. at church, mosque, or synagogue C. after 9:00 PM D. between 8:00 AM and 9:00 PM E. when the debtor is represented by an attorney

Which of the following about independent contractors is true? Question content area bottom Part 1 A. Independent contractors usually work for one client. B. Independent contractors usually use the principal's tools. C. If someone is named an independent contractor in a contract, the degree of control that the principal has over the contractor is irrelevant. Your answer is not correct. D. Principals control the performance of an independent contractor's work. E. Labeling someone an independent contractor is only one factor in determining status.

Which of the following circumstances can lead to termination of an agency by impossibility of performance? Question content area bottom Part 1 A. after the contract is formed, it becomes more expensive for the principal to perform his or her agency-related duties B. the loss of a required qualification C. after the contract is formed, it becomes more difficult for the agent to perform his or her agency-related duties D. after the contract is formed, it becomes more difficult for the principal to perform his or her agency-related duties E. after the contract is formed, it becomes more expensive for the agent to perform his or her agency-related duties

Which of the following circumstances can lead to termination of an agency by impossibility of performance? Question content area bottom Part 1 A. the loss or destruction of the subject matter of the agency B. after the contract is formed, it becomes more difficult for the principal to perform his or her agency-related duties C. after the contract is formed, it becomes more expensive for the principal to perform his or her agency-related duties D. after the contract is formed, it becomes more expensive for the agent to perform his or her agency-related duties E. after the contract is formed, it becomes more difficult for the agent to perform his or her agency-related duties

Which of the following is NOT a bearer instrument? Question content area bottom Part 1 A. "payable to bearer" B. "payable to the order of cash" C. "payable to Google" D. "payable to Google or bearer" E. "payable to cash"

Which of the following is NOT a critical factor in determining independent contractor status? Question content area bottom Part 1 A. the method of payment, whether by time or by the job B. whether the employer has the right to control the manner and means of accomplishing the desired result C. whether the employer's form of business ownership is sole proprietorship, partnership, traditional corporation (C-corp), Subchapter S corporation (S-corp), or limited liability company (LLC) D. whether the worker hires employees to assist him or her E. the degree of skill necessary to complete the task

Which of the following is NOT a critical factor in determining independent contractor status? Question content area bottom Part 1 A. whether the principal supplies the tools and equipment used in the work B. whether or not the agent has a degree C. whether the worker is engaged in a distinct occupation or an independently established business D. the amount of time that the agent works for the principal E. the length of time the agent has been employed by the principal

Which of the following is NOT a critical factor in determining independent contractor status? Question content area bottom Part 1 A. whether the worker is engaged in a distinct occupation or an independently established business B. whether the worker is paid by way of direct deposit or check C. the length of time the agent has been employed by the principal D. whether the principal supplies the tools and equipment used in the work E. the amount of time that the agent works for the principal

Which of the following is NOT a duty a principal owes to an agent? Question content area bottom Part 1 A. subrogation B. compensation C. cooperation D. indemnification E. reimbursement

Which of the following is NOT a nonnegotiable instrument? Question content area bottom Part 1 A. a promise or an order that conspicuously states that it is not negotiable B. a promise or an order that conspicuously states that it is or is not subject to Article 3 C. a promise or an order to pay a fixed amount of money D. a promise to pay when the Texans win the Super Bowl E. a promise to pay $10,000 in gold

Which of the following is NOT a personal defense? Question content area bottom Part 1 A. fraud in the inducement B. undue influence C. breach of contract D. material alteration E. ordinary duress

Which of the following is NOT a required procedure for filing a voluntary bankruptcy petition? Question content area bottom Part 1 A. pre-petition counseling B. attorney certification C. post-petition counseling D. a statement of the debtor's monthly income; current income and expenses E. a statement of the financial affairs of the debtor

Which of the following is NOT a requirement for a holder in due course (HDC) status (as determined at the taking of the instrument)? Question content area bottom Part 1 A. without notice that the instrument is defective B. for value C. proper assignment or delegation D. without notice that the instrument is overdue E. in good faith

Which of the following is NOT a requirement for creating a negotiable instrument? Question content area bottom Part 1 A. be an unconditional promise or order to pay B. be part of a commercial transaction C. state a fixed amount of money D. be signed by the maker or drawer E. be payable on demand or at a definite time

Which of the following is NOT a requirement for creating a negotiable instrument? Question content area bottom Part 1 A. be in writing B. be signed by the maker or drawer C. be prepared by an attorney D. state a fixed amount of money E. be an unconditional promise or order to pay

Which of the following is NOT a requirement for creating a negotiable instrument? Question content area bottom Part 1 A. be payable to order or to bearer B. be in writing C. be certified by the issuing financial institution D. not require any undertaking in addition to the payment of money E. be payable on demand or at a definite time

Which of the following is NOT a time instrument? Question content area bottom Part 1 A. an instrument payable at a fixed period after sight B. an instrument payable on or before a stated date C. an instrument payable at a time readily ascertainable D. an instrument payable on demand E. an instrument payable at a fixed date

Which of the following is NOT a transfer warranty? Question content area bottom Part 1 A. The transferor has no knowledge of any insolvency proceeding against the maker, the acceptor, or the drawer of an unaccepted instrument. B. No defenses of any party are good against the transferor. C. The instrument has been materially altered. D. The instrument has not been materially altered. E. All signatures are genuine or authorized.

Which of the following is NOT a universal (real) defense? Question content area bottom Part 1 A. material alteration B. fraud in the inducement C. forgery D. extreme duress E. discharge in bankruptcy

Which of the following is NOT an example of intangible personal property? Question content area bottom Part 1 A. accounts B. deposit accounts C. chattel paper D. accessions E. negotiable instruments

Which of the following is NOT an example of tangible personal property? Question content area bottom Part 1 A. chattel paper B. consumer goods C. equipment D. inventory E. accessions

Which of the following is NOT one of the categories of indorsement? Question content area bottom Part 1 A. testamentary B. restrictive C. qualified D. special E. blank

Which of the following is NOT required to be disclosed in a written solicitation under the Fair Credit and Charge Card Disclosure Act? Question content area bottom Part 1 A. any transaction charge for use of the card for purchases B. the debt to income ratio required C. the APR D. any minimum or fixed finance charge E. any annual membership fee

Which of the following is NOT true about Article 9 of the UCC? Question content area bottom Part 1 A. Most states have enacted Revised Article 9 as the secured transactions statute within their states. B. Article 9 (Secured Transactions) of the Uniform Commercial Code (UCC) governs secured transactions in which personal property is used as collateral for a loan or the extension of credit. C. Article 9 applies to transactions involving real estate mortgages, landlord's liens, artisan's or mechanic's liens, liens on wages, judicial liens, and the like. D. In 2001, the National Conference of Commissioners on Uniform State Laws and the American Law Institute issued Revised Article 9 (Secured Transactions) of the UCC. E. Article 9 does not apply to transactions involving real estate mortgages, landlord's liens, artisan's or mechanic's liens, liens on wages, judicial liens, and the like.

Which of the following is NOT true about Consumer Electronic Funds Transfers? Question content area bottom Part 1 A. A bank can send unsolicited EFTS debit cards to a consumer only if the cards are not valid for use. B. The U.S. Congress enacted the Electronic Fund Transfer Act (EFTA) to regulate consumer electronic funds transfers. C. The Federal Reserve Board adopted Regulation E to further interpret the act. D. If a customer notifies the issuing bank within two days of learning that a debit card has been lost or stolen, the customer is liable for only $500 for unauthorized use. E. Computers have made it much easier and faster for banks and their customers to conduct banking transactions.

Which of the following is NOT true about a Chapter 11 bankruptcy? Question content area bottom Part 1 A. Chapter 11, which is referred to as reorganization bankruptcy, is often in the best interests of debtors and creditors. B. Approximately 7,000 Chapter 11 bankruptcies are filed each year. C. The goal of Chapter 11 is to reorganize the debtor with a new capital structure so that the debtor emerges from bankruptcy as a viable concern. D. Chapter 11 is only available to wealthy individuals. E. Chapter 11 is available to partnerships, corporations, limited liability companies, and other business entities.

Which of the following is NOT true about a Chapter 11 bankruptcy? Question content area bottom Part 1 A. Only the trustee can be a debtor-in-possession. B. The court may appoint a trustee to operate the debtor's business only on a showing of cause, such as fraud, dishonesty, or gross mismanagement of the affairs of the debtor by current management. C. A debtor-in-possession is empowered to operate the debtor's business during the bankruptcy proceeding. D. Credit extended by post-petition unsecured creditors in the ordinary course of business is given automatic priority as an administrative expense in bankruptcy. E. In most Chapter 11 cases, the debtor is left in place to operate the business during the reorganization proceeding.

Which of the following is NOT true about a Chapter 13 bankruptcy? Question content area bottom Part 1 A. A Chapter 13 proceeding can be initiated only through the voluntary filing of a petition by an individual debtor with regular income. B. The debts of the individual debtor must be primarily consumer debt. C. An individual with regular income means an individual whose income is sufficiently stable and regular to enable him or her to make payments under a Chapter 13 plan. D. A creditor can file an involuntary petition to institute a Chapter 13 case against an individual debtor. E. A creditor cannot file an involuntary petition to institute a Chapter 13 case.

Which of the following is NOT true about a Chapter 7 bankruptcy? Question content area bottom Part 1 A. If a debtor qualifies for a Chapter 7 liquidation bankruptcy, the nonexempt property of the bankruptcy estate must be distributed to the debtor's secured and unsecured creditors. B. The first step in determining whether a debtor qualifies for Chapter 7 relief is to apply the median income test. C. The claims of secured creditors to the debtor's nonexempt property have priority over the claims of unsecured creditors. D. If using the means test calculation, a debtor is determined to have a sufficient amount of disposable income as determined by bankruptcy law, the debtor qualifies for Chapter 7 bankruptcy. E. In a Chapter 7 bankruptcy, the property of the estate is sold, and the proceeds are distributed to satisfy allowed claims.

Which of the following is NOT true about a Chapter 7 bankruptcy? Question content area bottom Part 1 A. In a Chapter 7 bankruptcy the debtor's non-exempt property is sold for cash, and the cash is distributed to the creditors; any of the debtor's unpaid debts are discharged. B. In a Chapter 7 bankruptcy the debtor is permitted to keep a substantial portion of his or her assets (exempt assets). C. Approximately 475,000 Chapter 7 bankruptcies are filed each year. D. In a Chapter 7 bankruptcy the debtor's future income can be reached to pay the discharged debt. E. In a Chapter 7 bankruptcy the debtor's future income, even if the debtor becomes rich, cannot be reached to pay the discharged debt.

Which of the following is NOT true about a buyer in the ordinary course of business? Question content area bottom Part 1 A. The buyer in the ordinary course of business rule is often applied to inventory collateral. B. The buyer in the ordinary course of business rule does not apply to persons who buy farm products from a person engaged in farming operations. C. The buyer in the ordinary course of business rule applies to persons who buy farm products from a person engaged in farming operations. D. The buyer in the ordinary course of business rule is necessary because buyers would be reluctant to purchase goods if a merchant's creditors could recover those goods if the merchant defaulted on loans owed to secured creditors. E. A buyer in the ordinary course of business who purchases goods from a merchant takes the goods free of any perfected or unperfected security interest in the merchant's inventory, even if the buyer knows of the existence of the security interest.

Which of the following is NOT true about a holder in due course (HDC)? Question content area bottom Part 1 A. An HDC can acquire greater rights than a transferor. B. An HDC takes a negotiable instrument free of all claims and most defenses that can be asserted against the transferor of the instrument. C. An HDC takes a negotiable instrument free of all personal defenses. D. If the transferee takes an instrument with knowledge that it has been dishonored, the transferee would not be an HDC. E. An HDC is subject to all the claims and defenses that can be asserted against the transferor.

Which of the following is NOT true about a holder in due course (HDC)? Question content area bottom Part 1 A. An HDC is subject to all the claims and defenses that can be asserted against the transferor. B. An HDC takes a negotiable instrument free of all claims and most defenses that can be asserted against the transferor of the instrument. C. An HDC takes a negotiable instrument free of all personal defenses. D. If the transferee takes an instrument with knowledge that it has been dishonored, the transferee would not be an HDC. E. An HDC can acquire greater rights than a transferor.

Which of the following is NOT true about a meeting of the creditors? Question content area bottom Part 1 A. Creditors may ask questions regarding the debtor's financial affairs, disposition of property prior to bankruptcy, possible concealment of assets, and similar matters. B. The debtor must appear and submit to questioning, under oath, by creditors. C. Within a reasonable time after a court grants an order for relief (not less than 10 days or more than 30 days), a court must call a meeting of the creditors (also called the first meeting of the creditors). D. The bankruptcy judge must attend the meeting. E. The debtor may have an attorney present at this meeting.

Which of the following is NOT true about an agent's duties? Question content area bottom Part 1 A. An agent may keep the principal's money in the agent's personal bank account for safekeeping. B. The duty to account (sometimes called the duty of accountability) includes keeping records of all property and money received and expended during the course of the agency. C. Unless otherwise agreed, an agent owes a duty to maintain an accurate accounting of all transactions undertaken on the principal's behalf. D. The agent is liable to the principal for any injuries resulting from a breach of its duty to notify. E. A principal has a right to demand an accounting from the agent at any time.

Which of the following is NOT true about an agent's duties? Question content area bottom Part 1 A. An agent owes no duty to notify the principal of important information learned concerning the agency. B. An agent who does not perform his or her express duties or who fails to use the standard degree of care, skill, or diligence is liable to the principal for damages. C. Normally, an agent is required to render the same standard of care, skill, and diligence that a fictitious reasonable agent in the same occupation would render in the same locality and under the same circumstances. D. An agent who enters a contract with a principal has a duty to meet the standards of reasonable care, skill, and diligence implicit in all contracts. E. An agent who enters a contract with a principal has a duty to perform the lawful duties expressed in the contract.

Which of the following is NOT true about bank payment rules? Question content area bottom Part 1 A. Any check or deposit of money received after the cutoff hour is treated as being received on the next banking day. B. The deferred posting rule allows banks to fix an afternoon hour of 2:00 p.m. or later as a cutoff hour for the purpose of processing checks and deposits. C. Saturdays, Sundays, and holidays are not banking days unless the bank is open to the public for carrying on substantially all banking functions. D. A deposit of cash to an account becomes available for withdrawal at the opening of the next banking day following the deposit. E. If a drawer and a payee or holder have accounts at different banks, the check is called an "on us" item.

Which of the following is NOT true about defenses to payment of negotiable instruments? Question content area bottom Part 1 A. Universal (real) defenses are a type of defense against the payment of negotiable instruments. B. A holder in due course (HDC) (or a holder through an HDC) takes an instrument free from universal defenses but not personal defenses. C. Defenses against the payment of negotiable instruments arise from the underlying transactions. D. The creation of negotiable instruments may give rise to defenses against their payment. E. Personal defenses are a type of defense against the payment of negotiable instruments.

Which of the following is NOT true about taking possession of collateral? Question content area bottom Part 1 A. After legally repossessing the goods, the secured party can retain the collateral. B. After legally repossessing the goods, the secured party must sell the collateral. C. A secured party may repossess the collateral pursuant to judicial process or without judicial process if the self-help repossession of the collateral does not breach the peace. D. Many debtors peacefully allow a secured creditor to repossess goods. E. If necessary, a secured creditor may obtain a court judgment or warrant to repossess personal property.

Which of the following is NOT true about the Credit Card Act? Question content area bottom Part 1 A. If cardholders cancel a card, they have the right to pay off existing balances at the existing interest rate and existing payment schedule (e.g., current minimum monthly payment). B. The terms of the credit card agreement must be written in plain English and in no less than 12-point font (thus avoiding "legalese" and fine-print agreements). C. If cardholders cancel a card, their remaining balances are subject to any rate increase. D. Credit cards cannot be issued to individuals under the age of 21 (the previous minimum age was 18) unless they have a co-signer (e.g., parent) or they can prove they have the means to pay credit card expenses. E. Card companies cannot retroactively increase interest rates on existing balances.

Which of the following is NOT true about the Fair Credit Reporting Act? Question content area bottom Part 1 A. Users of the information for credit, insurance, employment, and other purposes must notify the consumer when an adverse action is taken on the basis of such reports. B. Information in a consumer credit report may not be provided to a prospective employer. C. A credit report cannot be supplied to anyone who does not have a legitimate purpose for using the report as provided in the act. D. If a consumer challenges the accuracy of pertinent information contained in a credit file, the agency may be compelled to reinvestigate. E. Information in a consumer credit report can only be provided to parties who have a purpose for obtaining the information.

Which of the following is NOT true about the Federal Reserve System? Question content area bottom Part 1 A. The Federal Reserve banks provide a check clearing system for free to U.S. banks. B. The Federal Reserve System was created by Congress as the central bank of the United States. C. Most U.S. banks have accounts at regional Federal Reserve banks. D. The Federal Reserve has many functions, including being a check clearing system for banks and other depository institutions. E. The Federal Reserve consists of 12 regional Federal Reserve banks located in major cities in different geographical areas of the country.

Which of the following is NOT true about the collection process? Question content area bottom Part 1 A. The collection process, which may involve several banks, is governed by Article 4 of the UCC. B. When a payee or holder receives a check, she can deposit the check into a bank account at her own bank. C. The depository bank may not serve as the payer bank. D. A bank is under a duty to accept deposits into a customer's account. E. When a payee or holder receives a check, she can go to the drawer's bank (the payer bank) and present the check for payment in cash.

Which of the following is NOT true about the FDIC? Question content area bottom Part 1 A. If an FDIC-insured bank fails and the insured bank does not have sufficient assets to pay its depositors back their money, the U.S. government will pay the depositors all of their lost deposits. B. The Federal Deposit Insurance Corporation (FDIC) is a government agency that insures deposits at most banks and savings institutions in the United States. C. Each insured bank pays assessed yearly premiums based on the size of its deposits to the FDIC. D. To show whether it is covered by FDIC insurance, a bank or savings institution will display the official FDIC sign. E. If an FDIC-insured bank fails and the insured bank does not have sufficient assets to pay its depositors back their money, the FDIC will pay the depositors their lost deposits, up to certain limits.

Which of the following is NOT true about warranty liability? Question content area bottom Part 1 A. Warranty liability is imposed whether or not the transferor signed the instrument. B. In addition to signature liability, transferors can be held liable for breaching certain implied warranties when negotiating instruments. C. Warranty liability is imposed only when the transferor signed the instrument. D. A transferor makes an implied warranty; implied warranties are not made when a negotiable instrument is originally issued. E. There are two types of implied warranties: transfer warranties and presentment warranties.

Which of the following is NOT true about anti-deficiency statutes? Question content area bottom Part 1 A. A first purchase money mortgage is a mortgage taken out to purchase a house. B. Anti-deficiency statutes prohibit deficiency judgments regarding certain types of mortgages, such as second mortgages on residential property. C. Second mortgages and other subsequent mortgages, even mortgages that refinance the first mortgage, usually are not protected by anti-deficiency statutes. D. Anti-deficiency statutes usually apply only to first purchase money mortgages. E. Anti-deficiency statutes prohibit deficiency judgments regarding certain types of mortgages, such as loans for the original purchase of residential property.

Which of the following is NOT true about anti-deficiency statutes? Question content area bottom Part 1 A. Anti-deficiency statutes prohibit deficiency judgments regarding certain types of mortgages, such as second mortgages on residential property. B. A first purchase money mortgage is a mortgage taken out to purchase a house. C. Second mortgages and other subsequent mortgages, even mortgages that refinance the first mortgage, usually are not protected by anti-deficiency statutes. D. Anti-deficiency statutes usually apply only to first purchase money mortgages. E. Anti-deficiency statutes prohibit deficiency judgments regarding certain types of mortgages, such as loans for the original purchase of residential property.

Which of the following is a correct statement regarding an instrument payable in the alternative using the word or? Question content area bottom Part 1 A. If the instrument is payable in the alternative using the word or, either person's indorsement signature alone is sufficient to negotiate the instrument. B. The instrument is non-negotiable. C. The instrument is non-transferable. D. The instrument is non-assignable. E. Both persons' indorsements are necessary to negotiate the instrument.

Which of the following is a correct statement regarding an instrument payable jointly using the word and? Question content area bottom Part 1 A. An instrument payable jointly is neither order paper nor bearer paper. B. If an instrument is payable jointly using the word and, both persons' indorsements are necessary to negotiate the instrument. C. Only the first payee named must indorse the instrument. D. Only the second payee named must indorse the instrument. E. An instrument payable jointly is non-negotiable.

Which of the following is a correct statement regarding bankruptcy law? Question content area bottom Part 1 A. Bankruptcy law is exclusively state law. B. Bankruptcy law consists of both federal and state law. C. New York was the first state to enact its own state bankruptcy law. D. Bankruptcy law is exclusively federal law. E. Congress enacted the original federal Bankruptcy Act in 1778.

Which of the following is a correct statement regarding bankruptcy law? Question content area bottom Part 1 A. New York was the first state to enact its own state bankruptcy law. B. Bankruptcy law is exclusively federal law. C. Bankruptcy law consists of both federal and state law. D. Congress enacted the original federal Bankruptcy Act in 1778. E. Bankruptcy law is exclusively state law.

Which of the following is a duty an agent owes to a principal? Question content area bottom Part 1 A. indemnification B. ratification C. performance D. subrogation E. compensation

Which of the following is an INCORRECT statement regarding a fully disclosed agency? Question content area bottom Part 1 A. In a fully disclosed agency, the contract is between the agent and the third party. B. In a fully disclosed agency, the third party typically relied on the principal's credit and reputation when the contract was made. C. A fully disclosed principal is liable on a contract with the third party. D. In a fully disclosed agency, the agent is not liable on the contract with the third party. E. In a fully disclosed agency, the agent's signature must clearly indicate that he or she is acting as an agent for a specifically identified principal.

Which of the following is an INCORRECT statement regarding agent self-dealing? Question content area bottom Part 1 A. Self-dealing is a common type of breach of the agent's duty of loyalty to the principal. B. If there has been undisclosed dealing by an agent, the principal can ratify the purchase. C. If there has been undisclosed dealing by an agent, the principal can rescind the purchase and recover the money paid to the agent. D. Agents are generally allowed to self-deal with the principal, especially if the self-dealing is undisclosed. E. An agent who engages in undisclosed self-dealing with the principal has violated his or her duty of loyalty to the principal.

Which of the following is an INCORRECT statement regarding an agency by ratification? Question content area bottom Part 1 A. With the creation of an agency by ratification, the principal is legally bound to perform. B. For an agency by ratification to occur, an employer-employee relationship must exist between the principal and the agent. C. Once an agency by ratification occurs, the agent is relieved of any liability for misrepresentation. D. For an agency by ratification to occur, the purported principal must ratify (accept) the unauthorized act. E. For an agency by ratification to occur, a person must represent him- or herself as another's agent when in fact he or she is not.

Which of the following is an INCORRECT statement regarding a "frolic and detour?" Question content area bottom Part 1 A. A frolic and detour is a situation in which an agent does something during the course of his or her employment to further his or her own interest rather than the principal's. B. Principals are generally liable if an agent's frolic and detour is substantial. C. An agent might choose to run a personal errand while on assignment for the principal. This is commonly referred to as a frolic and detour. D. Agents are always personally liable for their tortious conduct during a frolic and detour. E. Negligence actions stemming from frolic and detour are examined on a case-by-case basis.

Which of the following is an INCORRECT statement regarding a "frolic and detour?" Question content area bottom Part 1 A. Agents are always personally liable for their tortious conduct during a frolic and detour. B. A frolic and detour is a situation in which an agent does something during the course of his or her employment to further his or her own interest rather than the principal's. C. Negligence actions stemming from frolic and detour are examined on a case-by-case basis. D. An agent might choose to run a personal errand while on assignment for the principal. This is commonly referred to as a frolic and detour. E. Principals are generally liable if an agent's frolic and detour is substantial.

Which of the following is an INCORRECT statement regarding a principal's liability for an independent contractor's torts and contracts? Question content area bottom Part 1 A. If an independent contractor enters into a contract with a third party on behalf of the principal without express or implied authority from the principal to do so, the principal is not liable on the contract. B. Principals cannot avoid liability for inherently dangerous activities that they assign to independent contractors. C. Generally, a principal is liable for the torts of its independent contractors. D. Principals are bound by the authorized contracts of their independent contractors. E. The reason a principal is not usually liable for the torts of an independent contractor is because the principal does not control the means by which the independent contractor accomplishes results.

Which of the following is an INCORRECT statement regarding a principal's liability for an independent contractor's torts and contracts? Question content area bottom Part 1 A. Principals cannot avoid liability for inherently dangerous activities that they assign to independent contractors. B. If an independent contractor enters into a contract with a third party on behalf of the principal without express or implied authority from the principal to do so, the principal is not liable on the contract. C. The reason a principal is not usually liable for the torts of an independent contractor is because the principal does not control the means by which the independent contractor accomplishes results. D. Generally, a principal is liable for the torts of its independent contractors. E. Principals are bound by the authorized contracts of their independent contractors.

Which of the following is an INCORRECT statement regarding bankruptcy exemptions? Question content area bottom Part 1 A. A state that enacts its own bankruptcy exemptions may give debtors the option of choosing between federal and state exemptions. B. The exemptions available under state law are often more liberal than those provided by federal law. C. The Bankruptcy Code does not permit states to enact their own bankruptcy exemptions. D. A state that enacts its own bankruptcy exemptions may require debtors to follow state law regarding those exemptions. E. Exempt property is property of the debtor that he or she can keep and that does not become part of the bankruptcy estate.

Which of the following is an INCORRECT statement regarding certified checks? Question content area bottom Part 1 A. When a bank certifies a check, it agrees in advance to accept the check when it is presented for payment. B. A check is a certified check when the bank writes or stamps the word cancelled across the face of an ordinary check. C. When a bank certifies a check, it agrees in advance to pay the check from funds set aside from the customer's account. D. Certified checks do not become stall. E. Certified checks are payable at any time from the date they are issue.

Which of the following is an INCORRECT statement regarding dual agency? Question content area bottom Part 1 A. If an agent acts as an undisclosed dual agent, he or she must forfeit all compensation received in the transaction. B. An agent cannot meet a duty of loyalty to two parties with conflicting interests. C. Some agents, such as middlemen and finders, are not considered dual agents. D. As a general rule, dual agency is permissible. E. Dual agency occurs when an agent acts for two or more different principals in the same transaction.

Which of the following is an INCORRECT statement regarding express agencies? Question content area bottom Part 1 A. Express agency occurs when a principal and an agent expressly agree to enter into an agency agreement with each other. B. Express agency is the most common form of agency. C. In an express agency, the agent has the authority to contract or otherwise act on the principal's behalf, as expressly stated in the agency agreement. D. Without exception, express agency contracts must be in writing to be enforceable. E. In most states, a real estate broker's contract to sell real estate must be in writing.

Which of the following is an INCORRECT statement regarding misuse of confidential information and the agent's duty of loyalty? Question content area bottom Part 1 A. If the agent violates the duty not to disclose or misuse confidential information, the principal can obtain an injunction ordering a third party to return the confidential information and to not use such information. B. An agent is under a legal duty not to disclose or misuse confidential information during the course of the agency. C. Agents are prohibited from using general information, knowledge, or experience acquired during the course of an agency in later employment. D. An agent is under a legal duty not to disclose or misuse confidential information after the course of the agency. E. If the agent violates the duty not to disclose or misuse confidential information, the principal can recover damages, lost profits, and any remuneration the agent received from another party to obtain the information.

Which of the following is an INCORRECT statement regarding power of sale? Question content area bottom Part 1 A. The sale must be by auction for the highest price obtainable, and any surplus must be paid to the mortgagor. B. The procedure for the sale is provided in the mortgage or deed of trust itself. C. Power of sale must be expressly conferred in the mortgage or deed of trust. D. Only a few states permit foreclosure by power of sale, as such a sale is per se unconscionable against the mortgagor and deprives him or her of necessary shelter. E. No court action is necessary to exercise a power of sale.

Which of the following is an INCORRECT statement regarding primary liability for negotiable instruments? Question content area bottom Part 1 A. No party is primarily liable when a check is issued, because a check is merely an order to pay. B. Makers of certificates of deposit have primary liability for the instruments. C. A drawee that refuses to pay a draft is not liable to the payee or holder. D. Makers of promissory notes have secondary liability for the instruments. E. No party is primarily liable when a draft is issued, because a draft is merely an order to pay.

Which of the following is an INCORRECT statement regarding primary liability for negotiable instruments? Question content area bottom Part 1 A. The issuer of a cashier's check is secondarily liable on the instrument. B. Acceptance of a draft occurs when the drawee writes the word accepted across the face of the draft. C. An acceptor is primarily liable on an instrument. D. A bank's certification of a check discharges the drawer and all prior indorsers from liability on the check. E. A check is accepted when it is certified by a bank.

Which of the following is an INCORRECT statement regarding recording statutes? Question content area bottom Part 1 A. The mortgagor is obligated to pay the amount of the mortgage according to the terms of the mortgage, even if the document is not recorded. B. The non-recordation of a mortgage does not affect the legality of the instrument between the mortgagor and the mortgagee. C. The filing of a mortgage in the county recorder's office in the county in which the real property is located is public record and alerts the world that the mortgage has been recorded against the real property. D. The filing of a deed of trust in the county recorder's office in the county in which the real property is located is public record and alerts the world that the deed of trust has been recorded against the real property. E. As a general rule, it is not necessary to record a mortgage or deed of trust in the county recorder's office.

Which of the following is an INCORRECT statement regarding secondary liability for negotiable instruments? Question content area bottom Part 1 A. Indorsers' liability is similar to that of a guarantor of a simple contract. B. If an unaccepted draft or check is dishonored by the drawee or acceptor, the drawer is obliged to pay it according to its terms. C. A qualified indorser (i.e., an indorser who indorses instruments "without recourse" or similar language that disclaims liability) is secondarily liable. D. Under the UCC's indorsers' liability rules, drawers of checks and drafts and unqualified indorsers of negotiable instruments have secondary liability on the instruments. E. Indorsers' liability arises when the party primarily liable on the instrument defaults and fails to pay the instrument when due.

Which of the following is an INCORRECT statement regarding secured credit? Question content area bottom Part 1 A. Unsecured credit requires collateral for a loan. B. To minimize the risk associated with extending unsecured credit, a creditor may require collateral. C. A security interest may be taken in personal property. D. A security interest may be taken in real property. E. A security interest may be taken in intangible property.

Which of the following is an INCORRECT statement regarding signature liability for a negotiable instrument? Question content area bottom Part 1 A. A qualified indorser is primarily liable on a negotiable instrument. B. Trade names can be used as signatures on negotiable instruments. C. Assumed names can be used as signatures on negotiable instruments. D. The signature on a negotiable instrument can be any name, word, or mark used in lieu of a written signature. E. The unauthorized signature of a person on an instrument is ineffective as that person's signature.

Which of the following is an INCORRECT statement regarding signature liability for a negotiable instrument? Question content area bottom Part 1 A. The signature on a negotiable instrument can be any name, word, or mark used in lieu of a written signature. B. A signature in the lower-right corner of a promissory note indicates that the signer is the maker of the note. C. Most indorsements appear on the back or reverse side of an instrument. D. The location of the signature on an instrument generally determines the signer's capacity. E. A person can be held contractually liable on a negotiable instrument even if his or her signature does not appear on it.

Which of the following is an INCORRECT statement regarding the bankruptcy trustee? Question content area bottom Part 1 A. A bankruptcy trustee cannot be appointed in a Chapter 7 bankruptcy case. B. A bankruptcy trustee must be appointed in a Chapter 12 bankruptcy case. C. A bankruptcy may be appointed in a Chapter 11 case on a showing of fraud, dishonesty, incompetence, or gross mismanagement of the affairs of the debtor by current management. D. A bankruptcy trustee must be appointed in a Chapter 13 bankruptcy case. E. Once appointed, a bankruptcy trustee becomes the legal representative of the debtor's estate.

Which of the following is an INCORRECT statement regarding the creation of an agency relationship? Question content area bottom Part 1 A. Generally, insane persons cannot appoint agents. B. Agency contracts that are created for illegal purposes or are against public policy are void and unenforceable. C. An agency can be created only to accomplish a lawful purpose. D. Any person who has the capacity to contract can appoint an agent to act on his or her behalf. E. Generally, minors can appoint agents.

Which of the following is an INCORRECT statement regarding unsecured credit? Question content area bottom Part 1 A. It requires collateral to protect the payment of the debt. B. In deciding whether to make the loan, the unsecured creditor considers the debtor's credit history, income, and other assets. C. The creditor relies on the debtor's promise to repay the principal, plus any interest, when the debt is due. D. If the debtor is judgment proof, the creditor may never collect. E. If the debtor fails to make the payments, the creditor may bring legal action and obtain a judgment against the debtor.

Which of the following is an INCORRECT statement regarding usurping an opportunity and the agent's duty of loyalty? Question content area bottom Part 1 A. An agent can personally usurp an opportunity that belongs to the principal. B. An agent cannot appropriate an opportunity that belongs to the principal for him- or herself unless the principal rejects it after due consideration. C. A third-party offer to an agent must be conveyed to the principal. D. Usurping an opportunity is a common type of breach of the agent's duty of loyalty to the principal. E. If the agent appropriates an opportunity that belongs to the principal for him- or herself without the principal's rejection of it after due consideration, the principal can recover the opportunity from the agent.

Which of the following is an INCORRECT statement regarding after-acquired property, sales proceeds, and future advances? Question content area bottom Part 1 A. A debtor may establish a continuing or revolving line of credit at a bank. B. A new security agreement does not have to be executed each time a future advance is taken against a continuing or revolving line of credit. C. A floating lien cannot attach to after-acquired property, sale proceeds, or future advances. D. Unless otherwise stated in a security agreement, if a debtor sells, exchanges, or disposes of collateral subject to such an agreement, the secured party automatically has the right to receive the sale proceeds of the sale, exchange, or disposition. E. After-acquired property is property that the debtor acquires after the security agreement is executed.

Which of the following is an INCORRECT statement regarding cashier's checks? Question content area bottom Part 1 A. A cashier's check is a two-party check for which the issuing bank serves as both the drawer and the drawee B. A person can purchase a cashier's check from a bank by paying the bank the amount of the check plus a fee for issuing the check C. A cashier's check is a two-party check for which the holder serves as payee D. The purchaser must have a checking account at the bank from which the cashier's check is purchase E. Usually, a specific payee is name

Which of the following is an INCORRECT statement regarding overdrafts? Question content area bottom Part 1 A. If the drawer does not have enough money in his or her account when a properly payable check is presented for payment, the payer bank can dishonor the check. B. Many banks offer optional expressly agreed-upon overdraft protection to their customers. C. If the bank chooses to pay the check even though there are insufficient funds in the drawer's account, it can later charge the drawer's account for the amount of the overdraft. D. If the drawer does not have enough money in his or her account when a properly payable check is presented for payment, the payer bank can honor the check and create an overdraft in the drawer's account. E. If a bank dishonors a check, the bank notifies the drawer of the dishonor and returns the check to the holder, marked voidable.

Which of the following is not a special chapter of the Bankruptcy Code which provides different types of bankruptcy under which individual and business debtors may be granted remedy? Question content area bottom Part 1 A. Chapter 13 B. Chapter 11 C. Chapter 7 D. Chapter 5 E. Chapter 12

Which of the following schedules is NOT required to be submitted by an individual debtor who files a voluntary bankruptcy petition? Question content area bottom Part 1 A. a statement of the debtor's monthly income; current income and expenses B. a list of secured and unsecured creditors, with addresses C. a list of all property owned D. a statement of the financial affairs of the debtor E. evidence of payments received from employers within 120 days prior to the filing of the petition

Which of the following statements is NOT true regarding makers of notes? Question content area bottom Part 1 A. The maker is obligated to pay a note according to its original terms. B. The holder must take certain actions to give rise to the maker's obligation to pay. C. The maker is absolutely liable to pay the instrument, subject only to certain universal (real) defenses. D. Makers of promissory notes and certificates of deposit have primary liability for the instruments. E. The maker unconditionally promises to pay the amount stipulated in the note when it is due.

Which of the following statements is NOT true regarding property that is exempt from the bankruptcy estate? Question content area bottom Part 1 A. The creditors cannot claim the exempt property. B. The "homestead exemption" includes up to $23,675 in equity in property used as a residence and burial plots. C. The debtor can keep the exempt property. D. Federal exemptions are adjusted every 5 years. E. The Bankruptcy Code permits states to enact their own exemptions.

Which of the following statements is false regarding implied warranties for negotiable instruments? Question content area bottom Part 1 A. Implied warranties are in addition to signature liability. B. Implied warranties are made when a negotiable instrument is originally issued. C. The two types of implied warranties are transfer warranties and presentment warranties. D. The transferor of a negotiable instrument makes an implied warranty. E. The law implies warranties whether or not the transferor signed the negotiable instrument.

While scouting out real estate for his principal, Nick incurs travel expenses. Nick seeks to collect these sums from his principal, invoking the principal's duty to ___________. Question content area bottom Part 1 A. conjugate B. indemnify C. reimburse D. cooperate E. compensate

Who is liable if an independent contractor enters into a contract without authority from the principal? Question content area bottom Part 1 A. the government only B. neither the principal nor the independent contractor C. the principal only D. both the principal and the independent contractor E. the independent contractor only

Whose actions create an apparent agency? Question content area bottom Part 1 A. the third party beneficiary's B. the incidental beneficiary's C. the principal's D. the intermediary's E. the agent's

With a _____ power of attorney, a principal confers broad powers on the agent to act in any matters on the principal's behalf. Question content area bottom Part 1 A. reserved B. conditional C. special D. general E. restricted

With a(n) _____ power of attorney, a principal confers powers on an agent to act in specified matters on the principal's behalf. Question content area bottom Part 1 A. ratified B. special C. general D. broad E. unconditional

Yuanjin draws a check "payable to the order of Zhaohui Chen" and delivers the check to Zhaohui. Zhaohui indorses it and gives it as a gift to her daughter, Genji. Does Genji qualify as a holder in due course (HDC)? Question content area bottom Part 1 A. Genji cannot qualify as an HDC because she took the instrument with notice that it was encumbered. B. Genji can qualify as an HDC because a gift has value, and therefore meets the value requirement for becoming an HDC. C. Genji can qualify as an HDC because she took the check from a family member (more particularly, her mother). D. Genji cannot qualify as an HDC because she took the instrument with notice that it had been dishonored. E. Genji cannot qualify as an HDC because she has not given value for it.

qWhich of the following is NOT a requirement of a security agreement in personal property? Question content area bottom Part 1 A. It must indicate the legal description of the property subject to the mortgage. B. It must be signed by the debtor. C. It must describe the collateral clearly so that it can be readily identified. D. It must contain the debtor's promise to repay the creditor, including terms of repayment (e.g., interest rate, time of payment). E. It must set forth the creditor's rights on the debtor's default.

A(n) _____ check is a type of check for which a bank agrees in advance to accept the check when it is presented for payment. Question content area bottom Part 1 A. cashier's B. accountancy C. indorser D. certified E. secondary

A(n) _____ indorsement contains the signature of the indorser and specifies the person (or indorsee) to whom the indorser intends the instrument to be payable. Question content area bottom Part 1 A. official B. restrictive Your answer is not correct. C. special D. blank E. qualified

A(n) _____ indorser is not secondarily liable on an instrument because he or she has expressly disclaimed liability. Question content area bottom Part 1 A. restrictive B. unqualified C. qualified D. special E. blank

A(n) _____ instrument is payable to anyone in physical possession of the instrument who presents it for payment when it is due. Question content area bottom Part 1 A. conditional B. bearer C. non-negotiable D. situational E. order

A(n) _____ is a separate piece of paper attached to an instrument on which an indorsement is written. Question content area bottom Part 1 A. parol contract B. codicil C. supplementary contract D. allonge E. addendum

A(n) _____ is the signature (and other directions) written by or on behalf of the holder somewhere on an instrument. Question content area bottom Part 1 A. execution B. allonge C. delegation D. assignment E. indorsement

A(n) _____ is the transfer of rights under a contract. Question content area bottom Part 1 A. offer B. stipulation C. delegation D. assignment E. proffer

A(n) _____ lien is a security interest in property that was not in the possession of the debtor when the security agreement was executed. Question content area bottom Part 1 A. unsecured B. non-collateralized C. floating D. intangible E. elusive

A(n) _____ lien is a _____ lien given to workers on personal property to which the workers furnish services or materials in the ordinary course of business. Question content area bottom Part 1 A. artisan's; statutory B. artisan's; common law C. common law; statutory D. artisan's; precedential E. statutory; common law

A(n) _____ makes the indorsee the indorser's collecting agent. Question content area bottom Part 1 A. indorsement in trust B. qualified indorsement C. special indorsement D. agency indorsement E. indorsement for deposit or collection

A(n) _____ makes the indorsee the indorser's collecting agent. Question content area bottom Part 1 A. special indorsement B. indorsement in trust C. qualified indorsement D. indorsement for deposit or collection E. agency indorsement

A(n) _____ states that it is for the benefit or use of the indorser or another person. Question content area bottom Part 1 A. special indorsement B. indorsement in trust C. indorsement for deposit or collection D. blank indorsement E. restrictive indorsement

A(n) _______ fails to meet the requirements of a negotiable instrument and, therefore, is not subject to the provisions of UCC Article _______. Question content area bottom Part 1 A. negotiable contract; 3 B. negotiable contract; 2 C. nonnegotiable contract; 2 D. promissory note; 3 E. nonnegotiable contract; 3

A(n) _______ indorsement is a promise by the indorser to pay the holder or any subsequent indorser the amount of the instrument if the maker, drawer, or acceptor defaults on it. Question content area bottom Part 1 A. special B. blank C. official D. agency E. unqualified

Generally, all parties to a negotiable instrument are discharged from liability if (1) the party primarily liable on the instrument _________ of the instrument or (2) a drawee in good faith ___________. Question content area bottom Part 1 A. pays it in full to the holder; pays an unaccepted draft or check in full to the maker B. pays it in full to the holder; pays an unaccepted draft or check in full to the holder C. pays it in full to the maker; pays an unaccepted draft or check in full to the holder D. pays it in full to the indorser; pays an unaccepted draft or check in full to the holder E. pays it in full to the maker; pays an unaccepted draft or check in full to the maker

Irene, a college student, wants to purchase a new BMW automobile. She goes to Auto Dealer and finds exactly the car she wants, and she wants to finance the car. Auto Dealer will not sell the car to Irene on credit based on Irene's own credit standing. Auto Dealer requires Irene to find a co-signer for the purchase and credit contract. Irene asks her mother to agree to pay the debt if she defaults. If Irene's mother signs such a document, this is known as a ________. Irene's mother ________ on the loan. Question content area bottom Part 1 A. guaranty arrangement; is secondarily liable B. writ of attachment; is not liable C. writ of execution; is primarily liable with Irene D. surety arrangement; is primarily liable E. writ of garnishment; is secondarily liable with Irene

Isaias, a college student, wants to purchase a new computer, printer, and other electronic equipment on credit from Electronics Retail, Inc. Electronics will not sell the computer and other equipment to Isaias unless he can get someone to guarantee the payment. Isaias asks his roommate, Edward, to guarantee the payment. Edward agrees, and he is placed on the credit agreement as a guarantor. If Isaias fails to make the necessary payment, Electronics _____. Question content area bottom Part 1 A. must first attempt unsuccessfully to recover the payments from Isaias before taking legal action against Edward to recover payment B. may immediately file an action against Edward C. may file a joint action against both Isaias and Edward D. may only recover against Edward E. may only recover against Isaias

Richard, who owes Bob $500, draws a check payable to Bob on his checking account at City Bank. Richard signs the check but leaves the amount blank. Bob fraudulently fills in $1,000 and presents the check to City Bank. Which of the following is true? Question content area bottom Part 1 A. City Bank is liable for the $500 overage. B. Richard's only recourse is a stop-payment order. C. Richard has no recourse. D. City Bank can only charge Richard's account $500. E. City Bank can charge Richard's account $1,000.

Saachi, who owns a piece of vacant real estate, hires Maaksharth, a licensed real estate broker, to list the property for sale. Ian, an adjacent property owner to Saachi's property, tells the agent that a chemical plant has polluted his property and probably Saachi's property. The owner is unaware of any pollution and the agent does not tell her. If Saachi sells the property to Mabina and it is later discovered that the property Mabina bought from Saachi is polluted, would Saachi be liable? Question content area bottom Part 1 A. Yes, Saachi was negligent in not conducting an environment survey before listing the property B. Yes, Saachi has committed fraud C. No, the buyer had a duty to discover the pollution D. No, only the agent can be held liable E. Yes, the agent's knowledge is imputed to Saachi

Siri, who is driving her automobile, is injured when another driver negligently causes an automobile accident. Siri hires a lawyer to represent her on a 35 percent contingency-fee basis. If the lawyer wins the case for Siri or settles the case with Siri's approval, he will earn 35 percent of whatever is collected from the defendant. If the lawyer does not win or settle the lawsuit, he gets paid nothing. The agent can recover this amount from the principal because of the duty to _______. Question content area bottom Part 1 A. perform B. cooperate C. reimburse D. compensate E. indemnify

_____ agency is the most common form of agency. Question content area bottom Part 1 A. Implied B. Conditional C. Symbolic D. Express E. Constructive

_____ agency occurs when an agent acts for two or more different principals in the same transaction. Question content area bottom Part 1 A. Dual B. Cooperative C. Conditional D. Symbiotic E. Unilateral

_____ credit does not require any security (collateral) to protect the payment of the debt. Question content area bottom Part 1 A. Unsecured B. Secured C. Primary D. Commercial E. Secondary

_____ credit requires collateral that secures payment of the loan. Question content area bottom Part 1 A. Secondary B. Primary C. Unsecured D. Secured E. Subprime

_____ is a court order that relieves a debtor of the legal liability to pay his or her debts that were not paid in the bankruptcy proceeding. Question content area bottom Part 1 A. Temporary injunction B. Proof of interest C. Proof of claim D. Automatic stay E. Discharge

_____ is a demand for acceptance or payment of an instrument made on the maker, acceptor, drawee, or other payer by or on behalf of the holder. Question content area bottom Part 1 A. Negotiation B. Proffer C. Parley D. Service E. Presentment

_____ is a legal procedure by which a secured creditor causes the judicial sale of the secured real estate to pay a defaulted loan. Question content area bottom Part 1 A. Reconveyance B. Foreclosure C. Execution D. Remuneration E. Reclamation

_____ is a situation in which a creditor has an enforceable security interest against a debtor and can satisfy the debt out of the designated collateral. Question content area bottom Part 1 A. Denouement B. Abasement C. Detachment D. Attachment E. Rapprochement

_____ is the transfer of a negotiable instrument by a person other than the issuer. Question content area bottom Part 1 A. Conveyance B. Negotiation C. Abeyance D. Delegation E. Subrogation

_____ liability is also known as contract liability. Question content area bottom Part 1 A. Agency B. Promissory C. Estoppel D. Signature E. Executory

_____ liability is also known as contract liability. Question content area bottom Part 1 A. Executory B. Promissory C. Signature D. Estoppel E. Agency

_____ of collateral is a secured creditor's repossession of collateral on a debtor's default and proposal to retain the collateral in satisfaction of the debtor's obligation. Question content area bottom Part 1 A. Revocation B. Retention C. Rescission D. Remuneration E. Rejection

_____ property is property that may be retained by the debtor pursuant to federal or state law that does not become part of the bankruptcy estate. Question content area bottom Part 1 A. Exempt B. Voidable C. Executed D. Void E. Executory

______________ means a record composed of an initial financing statement and any filed record related to the initial financing statement. Question content area bottom Part 1 A. Electronic chattel paper B. Retention of the collateral C. Disposal of the collateral D. Record E. Financing statement

______________ means chattel paper evidenced by a record or records consisting of information stored in an electronic medium. Question content area bottom Part 1 A. Financing statement B. Disposal of the collateral C. Electronic chattel paper D. Record E. Retention of the collateral

______________ means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. Question content area bottom Part 1 A. Retention of the collateral B. Disposal of the collateral C. Financing statement D. Record E. Electronic chattel paper

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