1.The UCC's Article 2 does not cover the sale of:

a. a computer sold to a business b. a load of corn c. all of the other specific choices are covered by Article 2 d. a truck load of printer paper e. furniture

2. In a term draft or time draft, the promise to pay expires in the future, usually 60 or 90 days

True or false

3.Anti-raiding covenants are:

a. enforced by all states b. illegal in all states c. held to be a violation of public policy in all states d. none of the other choices are correct e. unenforceable in Texas and California

4. Historically, promises to pay a debt owed were allowed to be assigned to a third party, but were usually done so at a discount. True or False

5.Every year, creditors have to absorb ____ in unpaid debt:

a. none of the other choices are correct b. about $1 billion c. about $10 million d. about $50 million e. about $20 million

6.If a seller knows that a buyer has a particular purpose for purchasing a good, and the buyer relies on the seller's skill or judgment in selecting a good, an implied warranty of fitness for a particular purpose may be created. True or False

7. An agent may not legally bind a principal to contracts without the principal agreeing to each contract. True or False

8. To meet the UCC's requirements for negotiability, an instrument must state a specific sum of money. True or False