1. Joe gives his car keys to the valet at Morton's. This is a(n):
|
a. |
entitlement |
|
|
b. |
bailment |
|
|
c. |
gift causa mortis |
|
|
d. |
gift inter vivos |
2.
Homer died at age 85 and left all his property to Joe, his butler. The news of the new will that Homer executed three months before his death naming Joe as the sole beneficiary surprised everyone. By his prior will, Homer had bequeathed his estate to his three children, Bart, Lisa and Maggie. The court heard proceedings to determine the validity of the new will since Homer's rejection of his children was uncharacteristic of him. The court will most likely set aside the new will based on:
|
a. |
constructive trust |
|
|
b. |
undue influence |
|
|
c. |
undue hardship |
|
|
d. |
spendthrift trust |
3.
A 'holder' can be described as:
|
a. |
the payee |
|
|
b. |
any person in possession of a negotiable instrument |
|
|
c. |
the maker of the instrument |
|
|
d. |
the first party to come into contact with a negotiable instrument |
4. An accommodation party:
|
a. |
must receive consideration |
|
|
b. |
may be primarily liable on the instrument |
|
|
c. |
is always secondarily liable on the instrument |
|
|
d. |
does not agree to pay the instrument if the maker doesn't |
5.
Kwan wrote a check to Manuel Garcia. Manuel indorsed the check "Manuel Garcia". This check is now:
|
non-negotiable |
||
|
special paper |
||
|
order paper |
||
|
bearer paper |
As per HomeworkLib policy, I can answer question 1. Please repost the other questions separately.
1.
(a)Entitlement: This means giving right to someone as per a contract. So, this option is INCORRECT
(b)Bailment: In this case the item is transferred from one party to the other on a temporary basis. So, this option is CORRECT
(c)Gift causa mortis: A gift given to a person because it is believed that the person will die soon. So, option is INCORRECT
(d)Gift Inter vivos: This are gift transfer related to properties. This option is INCORRECT
1. Joe gives his car keys to the valet at Morton's. This is a(n): a. entitlement b....
Kurt, a successful author, signs a promissory note that he gives to Raj. The note states that the sum of $10,000 is due and payable at such time when Kurt publishes his next book. Which of the following statements is most accurate? A. Given Kurt's success as an author, the promissory note is a negotiable instrument. B. Given that Raj could demand payment from Kurt, the promissory note is a negotiable instrument. C. Article 3 does not apply to the...