1) Edie deposits funds with First National Bank, which issues an instrument that promises to repay the funds, with interest, on a certain date. Before the maturity date, Edie wants to access the funds. Edie can a. sell the instrument to a third party. b. advance the date for repayment. c. submit the instrument to the maker for immediate payment. d. withdraw the funds before the date of maturity.
1) Edie deposits funds with First National Bank, which issues an instrument that promises to repay the funds, with interest, on a certain date. Before the maturity date, Edie wants to access the funds. Edie can
a. sell the instrument to a third party.
b. advance the date for repayment.
c. submit the instrument to the maker for immediate payment.
d. withdraw the funds before the date of maturity.
2) Direct Connect Company orders a quantity of wire from Electric Supply Inc. To finance the purchase, Direct signs a note that includes a reference to the parties' contract, a payment schedule, and a security agreement. This note is
a. negotiable.
b. nonnegotiable, because it refers to a security agreement.
c. nonnegotiable, because it refers to the parties' contract.
d. nonnegotiable, because it refers to a payment schedule.
3) Hedy draws a check "payable to the order of Ilsa or Jeto" and gives the check to Ilsa. Hedy's obligation on the check to Jeto is
a. suspended.
b. discharged.
c. to hold the full amount of the check for the benefit of both payees.
d. to render half of the amount of the check to each party.
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