Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

business law please answer Business Law 1. The party to whom the order or the draft is directed is the drawee. True False? 2. The

business law
please answer image text in transcribed
Business Law 1. The party to whom the order or the draft is directed is the drawee. True False? 2. The drawee on order paper is expected to pay the holder of the instrument upon proper presentment. True False? 3. Heidi ran out of her preprinted, standard form checks. To pay for groceries, Heidi wrote a check on a piece of notebook paper. Heidi's check is not negotiable because it is not encoded with magnetic ink. True False? 4. Under Article 3, an indorsement is presumed to be unqualified. True False? 5. The term liability, when used with negotiable instruments, refers to an obligation to pay the negotiable instrument involved. True False? 6. Secondary liability is conditional liability True False? 7. Ted had a checking account at First State Bank On March 1, Ted died March the executor of Ted's estate placed a stop payment order on a check written by Ted the day before his death. On March 7the check was presented for paymentFirst State Bank can honor the check because it was presented within 10 days of Ted's death True False? 8. Check truncation the changing of a check into an electronic or digital image of the check. True False? 9. The indorsers of any negotiable instrument face potential secondary liability for an instruments indorsed that are dishonored upon presentment. True False

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Finance questions