9 Rapid Delivery Inc , has in its possession the following instrument which it purchased for value March 1, 1980 Thirty days from date, 1, Harold Kales, do hereby promise to pay Ronald Green four hundred dolfars and no cents ($400 001 This note is given for value, received Haveld Kales Harold Kales Which of the following is correct A The instrument is negotiable b The instrument is non negotiable, and therefore Rapid has obtained no rights on the instrument c Rapid is an apsignee of the instrument and has the same rights as the assignor had on it d The instrument is non transferable on its face 10 The follawing three indorsements appear on the back of a negotiable promissory note made payable to Harold Dawson The note is in the possession of Maxim Company Pay to James Edwards Harold Dawson Without Recourse James Edwards Gilbert dIsen The instrument he been dishonored after due presentment by Maxim Proper notice of dishonor has been given to all parties, Which of the follawing is correct A James Edwards signature on the instrument was not necessary B James Edwalds has effectively negated all warranty liafility to any subsequent party except Gilbe t Olsen C James Edwards has neither contractual nor warrantu liabilitv as a result of his indors ling without recourse D Gilbert Olsen's signature was not necessary to effectively negotiate the instrument to Maxim Drummond broke into the Apex Drug Store and took all of the cash and checks which were in the cash register The checks reflect payments made to Apex for goods sold Drummond disposed of the checks and has disappeared Apex is worried about its ability to recover the checks from those now in possession of them Which of the following is correct A Apex will prevall as long as its signature was necessary to negotiate the checks in question B Since there was no valid transfer by Apex to Drummond, subsequent parties have no better richts than the thief had C Apex will prevail only if the checks were payable to cash D Anex will not orevail on any of the checks since it was the only party that could have prevented the theft Hover is a holder in due course of a check which was originally pavable to the order of Nelson or bearer and has the following indorsements on its back Nelson Pay to the order of Maxwell Dutfy Without Recourse Maxwell Howard LA Which of the following statements about the check is correct A It was originally order paper B It was order paper in Howard's hands C Maxwell's signature was not necessary for it to be negotiated D Presentment for payment must be made within seven days after indorsement to hold an indorser liable 13 Balquist sold a negotiable instrument payable to her order to Farley In transferring the instrument to Farley, she forgoi to indorse it Accordingly A Farley qualifies as a holder in due curse B Farley has a specfically enforceable right to obtain balquist unqualified indorsement C farley obtains a better right to paymentbif the instrument than balquisr had D once the signature of balquist is obtained farley right as a holder in due course relate back to the time of transfer answer all questions

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9. Rapid Delivery. Inc., has in its possession the following instrument which it purchased for value March 1, 1980 Thirty days from date, 1, Harold

9. Rapid Delivery. Inc., has in its possession the following instrument which it purchased for value

March 1, 1980

Thirty days from date, 1, Harold Kales, do hereby promise to pay Ronald Green four hundred dolfars and no cents ($400.001. This note is given for value, received.

Haveld Kales

Harold Kales

Which of the following is correct?

A. The instrument is negotiable.

b. The instrument is non-negotiable, and therefore Rapid has obtained no rights on the instrument.

c. Rapid is an apsignee of the instrument and has the same rights as the assignor had on it.-

d. The instrument is non transferable on its face

10. The follawing three indorsements appear on the back of a negotiable promissory note made payable to Harold Dawson. The note is in the possession of Maxim Company.

Pay to James Edwards

Harold Dawson

Without Recourse

James Edwards

Gilbert dIsen

The instrument he been dishonored after due presentment by Maxim. Proper notice of dishonor has been given to all parties, Which of the follawing is correct?

A. James Edwards* signature on the instrument was not necessary.

B. James Edwalds has effectively negated all warranty liafility to any subsequent party except Gilbe t Olsen.

C. James Edwards has neither contractual nor warrantu liabilitv as a result of his indors-ling without recourse.

D. Gilbert Olsen's signature was not necessary to effectively negotiate the instrument to Maxim.

Drummond broke into the Apex Drug Store and took all of the cash and checks which were in the cash register. The checks reflect payments made to Apex for goods sold. Drummond disposed of the checks and has disappeared. Apex is worried about its ability to recover the checks from those now in possession of them. Which of the following is correct? A. Apex will prevall as long as its signature was necessary to negotiate the checks in question. B. Since there was no valid transfer by Apex to Drummond, subsequent parties have no better richts than the thief had. C. Apex will prevail only if the checks were payable to cash.D.Anex will not orevail on any of the checks. since it was the only party that could have prevented the theft.
Hover is a holder in due course of a check which was originally pavable to the order of Nelson or bearer and has the following indorsements on its back:
Nelson Pay to the order of Maxwell Dutfy Without Recourse Maxwell
Howard

Which of the following statements about the check is correct?

A. It was originally order paper.

B. It was order paper in Howard's hands.

C. Maxwell's signature was not necessary for it to be negotiated.

D. Presentment for payment must be made within seven days after indorsement to hold an indorser liable.

13. Balquist sold a negotiable instrument payable to her order to Farley. In transferring the instrument to Farley, she forgoi to indorse it. Accordingly A. Farley qualifies as a holder in due curse.

B. Farley has a specfically enforceable right to obtain balquist unqualified indorsement

C. farley obtains a better right to paymentbif the instrument than balquisr had

D. once the signature of balquist is obtained farley right as a holder in due course relate back to the time of transfer

answer all questions