mion Chapter X mtsacinstructure.com/courses/92821/quizzes/secured lockdown Question 91 1 pts A power of attorney permits an agent to transact business for a principal False True Question 92 1 pts Ratification occurs when a principal affirms, or accepts responsibility for, an agent's unauthorized act. True False D Question 93 1 pts Any copyrighted work created by an employee within the scope of his or her employment at the request of the employers a work for hire True D Question 94 1 pts Eden signs a promissory note payable to the order of First Mortgage Company. The note states that it is payable with interest at the legal rate." This note is O nonnegotiable because the exact amount payable cannot be determined from the face of the instrument. negotiable nonnegotiable, because it does not specify a rate of interest O nonnegotiable, because it is payable with interest Question 95 1 pts To borrow funds to finance his business, Rollo executes an instrument in favor of Security Bank. For the instrument to be negotiable, the signature must be anywhere on the instrument. in the lower left-hand comer of the instrument only anywhere on the lower half of the instrument only In the lower right-hand comer of the instrument only Question 96 1 pts Theo signs a check payable to the order of Urban Bank filling in the blanks for the amount with the figures"$100" and "One thousand and 00/100 dollars." This check is payable in the amount of 50 51.000 Question 97 1 pts All parties to a negotiable instrument will be discharged when the party primarily liable on it pays to a holder the full amount due. O False True D Question 98 1 pts Cici signs a check pay to the order of Doug" drawn on Cici's account in East Bank. Cicl shows the check to Frieda, who agrees that the signature is Cicl's and that Doug is owed the amount the check represents. Doug signs the back of the check. Liability on this check extends to Cidi and Prieda only Frieda only Cid and Doug only Cici, Dout and East Rank D Question 99 1 pts Nan, an accountant for Outdoor Outfitters, Inc. issues company checks payable to nonexistent persons drawn on Outdoor's account at Peerless Bank. Nan indorses the checks and deposits them in her account. Outdoor discovers the theft and demands that Peerless recredit its account. Peerless's best defense is that Peerless did not know that the checks were not to be paid. Outdoor was in a better position than Peerless to prevent the theft Nan was not authorized to issue the checks the checks were the property of Outdoor, not Peerless Question 100 1 pts Rona issues a check for $4.000, dated May 1. to Stavros. The check is drawn on United Bank Stavros Indorses the check and transfers it to Tony Stavros will be liable on the check if Ron stops went on the check United Bank dishonor the check all of the choice Tony loses the check