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[57] Johnson bought a television for $450 on credit from Farin Corporation. As evidence of the debt, Johnson gave a promissory note to Farin, which then discounted the note with Easy Finance Company. Easy Finance Company A. Will not qualify as a holder in due course if the television was purchased for home use. B. Will qualify as a holder in due course because the sale was for less than $1,000. C. Could have qualified as a holder in due course if it had directly financed the purchase. D. Could not qualify as a holder in due course if Johnson had paid by check. [62] Bernie is a depositor in BigBank and has no agreement regarding overdraft provisions. Bernie writes a check to Webster who endorses it to Reggie. Reggie presents the check for payment when Bernie has insufficient funds in his account. Which of the following is true? O A. BigBank cannot honor the check until sufficient funds are in the account. OB. If Reggie resubmits the check without notifying Webster of the first dishonor, Webster is discharged from any liability. C. BigBank can honor the check and charge the overdrawn amount to Bernie's credit card, also held with BigBank. D. After dishonor, Reggie must obtain a new form of payment from Bernie or Webster because the bank will not accept a rejected check. [68] On May 17, Debtor Co. borrowed $100,000 from Secured Bank to finance its current and future inventory. On May 19, Debtor authenticated a security agreement giving Bank a security interest in the inventory. On the same date, Debtor also authenticated a financing statement. Bank filed the financing statement on May 21 and the security agreement on May 22. Bank's security interest was perfected on A. May 17. B. May 19. C. May 21 D. May 22 [92] The rights of the general and limited partners regarding the assignment of their partnership interests are A. Determined according to the common law of partnerships as articulated by the courts. B. Basically the same with respect to both types of partners. C. Basically the same with the exception that the limited partner must give 10 days' notice prior to the assignment. D. Different in that the assignee of a limited partnership interest automatically becomes a substituted limited partner. [8] Under common law, an acceptance of an offer for a bilateral contract is effective O A. Even though it adds to, or subtracts from, the terms of the offer. OB. Only if it is the mirror image of the offer. OC. Only if it is expressed in words. OD. Even though it alters or qualifies a term of the offer. [100] Rotor Company was created 10 years ago and was immediately successful. Nevertheless, Rotor paid only its regular dividend and no special dividend. The announced purpose of the limited dividend policy was to set aside funds for a substantial expansion. If minority shareholders sue for a court order requiring payment of increased dividends, the directors will most likely A. Win because the declaration of dividends is solely in the discretion of the directors. B. Lose even though a bond indenture limits dividend payments. C. Lose if similar companies pay substantially higher dividends. D. Lose if the refusal of higher dividends was not protected by the business judgment rule. [74] Which of the following is a true statement about bankruptcy law? A. Federal courts have exclusive jurisdiction over bankruptcy cases. B. Bankruptcy courts have full power to decide other issues related to the debtor's bankruptcy, such as tort and contract claims. C. Federal law preempts state law with regard to exemptions allowed to a debtor. D. A debtor must be insolvent to file for bankruptcy. [48] In general, disclaimers of implied warranty protection are A. Permitted if they are explicit and understandable and the buyer is aware of their existence. B. Not binding on remote purchasers with notice thereof. C. Void because they are against public policy. D. Invalid unless in writing and signed by the buyer. [47] Which of the following is least likely to effectively disclaim the implied warranty of fitness for a particular purpose? A. Language such as "as is." B. A written, conspicuous statement excluding the warranty. C. The buyer's examination of the product. OD. Language such as "with all faults." [93] Corporations are formed under authority of state statute. Which of the following statements about attempts to unify state corporate law is true? A. Most states have adopted the Uniform Corporation Act drafted by the American Law Institute. B. Unlike commercial law, corporate law has not been subject to the unifying effect of a widely adopted model or uniform Act. C. The Revised Model Business Corporation Act has been substantially adopted in all states. D. Most states have used the Model Business Corporation Act as a guide for their incorporation statutes. [45] A liquidated damages clause stipulated in a sales contract must be reasonable with regard to: (first response column) Anticipated Difficulty of Harm, (second response column) Proof of Loss A. Yes Yes OB. Yes No C. No Yes D. No No