Sal brings a stale check to his bank on June 1, 2003. The check is dated September 1, 2002. The bank:

Multiple Choice

• can honor the check while acting in good faith.

• owes a duty to honor the check.

• cannot honor the check, since it is more than six months old.

• must honor the check if it is otherwise properly payable. Which of the following requires tenants to be married to each other?

• Tenancy by the entirety

• Tenancy in partnership

• Joint tenancy

• Tenancy in common Under the Bankruptcy Code, a judge is allowed to reduce the debtor's unsecured consumer debt by what percentage?

• 20%

• 50%

• 30%

• 75% Which of the following describes the type of relationship that exists between an agent and a principal?

• Manifest

• Objective

• Fiduciary

• Dependent A _____ is oral in nature.

• nuncupative will

• holographic will

• notarial will

• self-proved will A ______ cannot disclaim the banks responsibility for its own lack of good faith or failure to exercise ordinary care.

• creditor

• deposit agreement

• statute

• drawer If Jay signs Mila's name to a negotiable instrument without Mila's authorization or approval:

• the signature cannot be ratified later by the person represented.

• Jay is not liable on the check.

• the signature is not effective as the signature is of the unauthorized signer.

• the signature does not bind the person whose name appears. Which of the following is true of the drawer-drawee relationship?

• The drawer becomes a debtor and the drawee bank becomes the creditor at the time of opening a checking account.

• The drawer becomes the creditor and the drawee bank becomes the debtor at the time of opening an account.

• The drawer becomes the insured and the drawee bank becomes the insurer at the time of opening a checking account.

• The drawer becomes the creditor when the drawee bank pays more than the drawer has on deposit.