Test 2 - Listing Flashcards
1
Q
5 Requirements for a Negotiable Instrument
A
- In Writing
- Unconditional Promise or Order to Pay to Order or Bearer
- Payable on demand or at a specific time
- Sum Certain
- Signed by maker or drawer
2
Q
5 Real Defenses
A
- Maker or Drawer goes Bankrupt
- Forged Signature
- Material Alteration
- Extreme Incapacity
- Fraud in the Execution
3
Q
5 Personal Defenses
A
- Breach of Contract
- Failed Consideration
- Wrongful Completion
- Duplicate Payment
- Fraud in the Inducement
4
Q
5 Types of Endorsements
A
- Blank
- Restrictive
- Special
- Qualified
- Combo
5
Q
Requirements for Holder in Due Course
A
- Must be a holder of Negotiable Instrument
- Must take for value
- Must take in good faith
- must be free from knowledge or notice
6
Q
5 Transfer Warranties
A
- No forged signatures
- No material alterations
- no insolvency
- No claim/breach
- Enforceable/Transferor is entitled to be paid
7
Q
Types of Bankruptcy
A
Ch. 7 - Liquidation of Company Ch. 9 - Municipalities Ch. 11 - Reorganize Company Ch. 12 - Farmers Ch. 13 - Individual/Personal
