> Question 1 2 pts 1. One of the major elements of a valid negotiable instrument (check) is the instrument NOT contain a condition? True False D Question 2 2 pts 2. Sally owes Alice $50.00 dollars and Sally got a valid made out check" from June that provided, Pay to the order of Sally, $50.00. Sally now wants to use the check from June to pay Alice, The proper endorsement from Sally on the check would be: "payable to Alice, signed Sally" or just sign it "Sally True False Question 3 2 pts 3. During our discussions in class and on the panopto recordings I stressed that if you received a check that was endorsed without recourse you should take that check and not worry as everyone MacBook Air 00 000 ORD IN 3. During our discussions in class and on the panopto recordings I stressed that if you received a check that was endorsed without recourse" you should take that check and not worry as everyone who passed the check, including the person who endorsed it without recourse" would be liable if the check was not good. True False Question 4 2 pts 4. You buy a new car from JKJ and you sign a properly made out promissory note for $20,000, payable, $400.00 per moth, for 5 years. You leave with the car and received a payment coupon book from CitiBank. After one month the car keeps shutting off. You bring it to JK for repair. When you get the car back it is still shutting off. This is the second month and the second time you brought the car back. You get it back and it still is not running correctly. You say, "I will show JKJ" I am not going to make any more payments until the car is fixed. Because the car was not repaired properly you can forgo making payments to Citibank? True False Question 5 3 pts MacBook At om 5. In you sell restaurant equipment to a newly opened cafe for $100,000 and you properly prepare and file a financing statement of that equipment in the jurisdiction where the cafe is located to protect your sale, if the cafe files a chapter 7 liquidation in bankruptcy you will have the first right to sell the equipment for your payment over the trustee for the chapter 7 bankruptcy? True O False Question 6 2 pts 6. A Chapter 11 bankruptcy proceeding is referred to as a complete liquidation of all debts? True False Question 7 2 pts 7. The court decided in the Greenbelt case the Trustee in bankruptcy had a better right to sell the goods then the secured creditor as the filing was flawed ? True False MacBook Air want instructure.com 10. In question 9. If there is an appropriate way for First Airline to implement the consultant's report through the bankruptcy proceeding, the bankruptcy court will hire a business consultant to review First Airline's proposal of the court's business consultant approves and advised the court the plan may work, the court would then? Not have to do anything Alow some creditors to be paid Issue an order to all creditors to forgo payment for two months Olgnore the report Question 11 2 pts 11. In questions & 10, if the First Airline plan is not working and after the first month, instead of reducing the shortfall by one million, the debt is now 4 million per month and may become even worse in the next month. To prevent further loss to creditors, the court's business consultant sees the plan is not working and would recommend to the court the place First Airline Into A BANKRUPTCY Chapter 11 chapter 13 Chapter Chapter 2 MacBook Air 8 20 13 ODO 000 11 FS * 2 # 3 $ 4 % 5 & 7 6 8 9 0