W6 Quiz

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1.

A negotiable instrument is any written promise or order to pay a sum of money.
 

 


2.
A signature can consist of initials signed by a party.
 


3.
To obtain office supplies for All-Care Medical Clinic, Britney executes a draft in favor of Chris. A draft is
 


4.
Doug writes a check for $100 payable to Eve on his account at First State Bank. The bank is
 


5.
To borrow money to finance the start-up of his business, Bob executes an instrument in favor of City Bank. For the instru¬ment to be negotiable, the signature must be
 


6.
Karen writes on a piece of paper, “I owe you $600,” signs it, and gives it to Lou. This instrument is
 


7.
A holder takes an instrument for value if he or she gives a check as pay¬ment for it.
 


8.
An instrument is not defective simply because it is overdue.
 


9.
Presentment war¬ranties protect the person who presents an instrument for payment.
 


10.
Accidental destruction of a negotiable instrument cancels it.
 


11.
Don writes a check to Eve drawn on Don’s account at First Town Bank. Eve presents the check for payment to the bank, which accepts the check. The bank is
 


12.
Opal asks Paolo, who does not understand English, to sign what Opal says is an application to open a bank account. In fact, the “application” is a note. If sued on the note by an HDC, Paolo’s best defense would be
 


13.
Rich signs a promissory note after a court has adjudged him to be men¬tally in-competent. The note is
 


14.
The Uniform Commercial Code governs checks.
 


15.
The rights and duties of a bank and its customer are contractual.
 


16.
The death of a customer revokes a bank’s authority to pay an item.
 


17.
Most forms of e-money do not qualify as deposits and thus are not covered by deposit insurance.
 


18.
Jen signs a check “pay to the order of Key” drawn on Jen’s account in Little Bank to buy Key’s car. If there are insufficient funds in Jen’s account to cover the amount of the check, but the bank pays it, this creates
 


19.
Duffy writes a check for $100 drawn on Eastside Bank and presents it to Fast Cash, Inc., for payment. If the check is not backed by sufficient funds, Duffy may be prosecuted for
 


20.
E-Bank, an online financial institution, gives financial information about Paula and other customers to a federal agency without the customers’ permission. E-Bank may be liable under
 

 

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