Commercial paper creates obligations

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Reference no: EM132264807

1. The buyers right to obtain goods from another source after the seller's breach is the right to

A. Cover

B. Cure

C. Replevin

D. Specific performance

2. If a buyer does not cover after a seller's breach, he may recover only _________ damages from the seller.

A. Contract compensatory

B. Consequential

C. Punitive

D. The buyer may collect no damages at all.

3. Real defenses:

A. May be asserted against anyone, except a holder in due course.

B. May be asserted against anyone, including a holder in due course.

C. May only be asserted against banks and other financial institutions.

D. Are no longer recognized as valid under the Uniform Commercial Code.

4. Examples of commercial paper include all of the following, except:

A. Checks.

B. Negotiable notes.

C. Certificates of deposit.

D. Credit card receipts.

5. Commercial Paper creates obligations which are designed to do all of the following, except:

A. Move freely and efficiently in financial transactions.

B. Act as a substitute to money.

C. Eliminate the need for written contractual obligations.

D. Represent a credit transaction.

6. If a bank dishonors an instrument, it must give notice of dishonor ______.

A. Immediately.

B. Before its "midnight deadline."

C. Within 30 days.

D. Within one year.

7. Which of the following is not a benefit of a PMSI?

A. A PMSI in consumer good is automatically perfected.

B. A PMSI creditor in consumer goods can keep the goods in strict foreclosure over the objections of the debtor.

C. A later creditor with in PMSI in inventory can get priority over an earlier creditor with a floating lien in the inventory if proper procedures are followed.

D. A later creditor with a PMSI in non-inventory can get priority over an earlier non-PMSI creditor in the same collateral if proper procedures are followed.

8. Which of the following is not required for a security interest to attach?

A. The debtor has rights in the collateral.

B. The creditor has given value.

C. The debtor has signed the security agreement

D. The creditor has signed the security agreement

9. A secured party with a PMSI who repossess consumer goods on which 60% of the purchase price has been paid must sell the goods within ________________days after repossession.

A. 10

B. 30

C. 60

D. 90

10. Which of the following would not be classified as documentary collateral under Article 9?

A. Chattel paper

B. Bills of lading

C. Warehouse receipts

D. A patent

11. A term used to describe all public information that might be germane to an applicant's claim of novelty is _______:

A. Trade secret

B. Copyright

C. Intellectual property

D. Prior art

12. Which of the following would not be protected by the Uniform Trade Secrets Act?

A. A customer list published by a corporation as part of an announcement in a trade journal

B. The marketing plans for a company's new product

C. The formula for a soft drink produced by a company

D. All of the above would be protected under the Act.

Reference no: EM132264807

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