1.) Which of the following statements is TRUE? A. Prior to the acceptance of a BOE, there is no party primarily liable. B. A maker is person who draws the bill of exchange (BOE) and orders the drawee to pay a sum certainly in money C. A Check is the most common form of BOB drawn on a bank and is not payable on demand D. a bill of exchange may be Treated as Promissory Note at the election of the holder when the drawer is a Fictitious person 2.) Which of the following is TRUE? A. Checks representing demand deposits do not have legal tender power and their acceptance in the payment of debts, both public and private, is at the option of the creditor B. The Delivery of promissory notes payable to order, or bills of exchange or other mercantile documents shall produce the effect when said instrument is delivered. C. A payee is a person who makes the promissory note and promises to pay the amount stated therein; D. A promissory note is an unconditional promise in writing, made by one person to another, signed by the marker, engaging to pay, on demand, or at an unfixed or determinable future time, a sum certain in money, to order or to bearer. 3.) Which of the following statements is FALSE? A. An Indorsee (in case of instrument payable to order) is a person in whose favor an indorsement is made. B. Indorsee is a person who transfers or negotiates an instrument by an indorsement completed by delivery. 4.) Which of the following statements is FALSE? A. A Bearer is the person in possession of a bill or note which is payable to bearer B. An Acceptor is a drawee who accepts the order to pay made by the drawer. C. A Holder is payee or indorser of a bill or note who is in possession of it, or the bearer there of D. An Indorsee is (in case of instrument payable to order) a person in whose favor an indorsement is made.5.) Which of the following statement is FALSE A. Must contain a conditional promise or order to pay a sum certain in money B. Must be payable on demand, or at fixed or determinable future time C. Must be payable to order or to bearer D. Must be in an instrument and signed by the maker or drawer E. none of the above 6.) Which of the following statement is FALSE? A. Negotiation is transfer from one person to another so as to constitute the transferee a holder. B. Acceptance is written signification by the drawee of his assent to the order of the drawer. C. Issuance is the first delivery of the instrument to the payor, complete in form to a person who takes it as holder. D. Accommodation Party is one who has signed the instrument as maker, drawer, acceptor or indorser, without receiving value therefore, and for the purpose of lending his name to some other person