Tom finds a bracelet in a trash can as he is leaving class. Apparently Amanda threw the bracelet away when she was angry with the time clock. Which of the following statements is true?

Group of answer choices

Tom owns the bracelet even if Amanda returns for it.

Amanda owns the bracelet because it was mislaid

The bracelet was lost therefore Tom must return it to Amanda

Tom owns the bracelet via adverse possession.

Flag question: Question 27

Question 272.5 pts

Ace Appliance store has granted a security interest in its inventory to the Mainland Bank, the creditor. The Bank perfected the security interest on July 1. Ace sold an item from the inventory to Linda on August 13 who took the item in good faith without knowledge of a claim or defense, for value and in the ordinary course of business. Ace later defaults. What is the result with respect to the collateral?

Group of answer choices

The bank can repossess the item from Linda because Ace defaulted

The bank cannot repossess the item from Linda

The bank is without a remedy against Ace

Ace is no longer liable on the debt owed

Flag question: Question 28

Question 282.5 pts

An offer in writing between merchants with a promise to keep that offer open for a stated period of time is known as

Group of answer choices

Open terms

Battle of the forms

Firm offer

Acknowledgement form

Flag question: Question 29

Question 292.5 pts

A party who must make a payment as specified to the person receiving the funds in an order document is called the

Group of answer choices

drawee

payee

payor

maker

Flag question: Question 30

Question 302.5 pts

Amy has acquired the right to use and occupy land during the life of her friend Jack. Amy has what interest?

Group of answer choices

Lifetime leasehold

life estate

Life estate alto

fee simple determinable