ACC 575 ACC575 Week 3 Quiz
ACC 575 Week 3 Quiz
1.
Pulse Corp. maintained a warehouse where it stored its manufactured goods.
Pulse received an order from Star. Shortly after Pulse identified the goods to be shipped to Star, but before moving them to the loading dock, a fire destroyed the warehouse and its contents.
2.
For a person to be holder in due course of a promissory note
3.
Cey Corp. entered into a contract to sell parts to Deck, Ltd. The contract provided that the goods would be shipped "F.O.B. Cey's warehouse." Cey shipped parts different from those specified in the contract. Deck rejected the parts. A few hours after Deck informed Cey that the parts were rejected, they were destroyed by fire in Deck's warehouse. Cey believed that the parts were conforming to the contract. Which of the following statements is correct?
4.
A holder in due course will take free of which of the following defenses?
5.
Under the UCC Sales Article, which of the following statements is correct concerning a contract involving a merchant seller and a non-merchant buyer?
6.
Which of the following events will release a noncompensated surety from liability?
7.
Under the Sales Article of the UCC, which of the following statements is correct regarding risk of loss and title to the goods under a sale or return contract?
8.
Under the Negotiable Instruments Article of the UCC, which of the following circumstances would prevent a promissory note from being negotiable?
9.
Under the Negotiable Instruments Article of the UCC, for an instrument to be negotiable it must
10.
Under the Sales Article of the UCC, a firm offer will be created only if the
11.
An instrument reads as follows:
12.
Union Co. possesses the following instrument:
13.
An important factor in determining if an express warranty has been created is whether the
14.
An appliance seller promised a restaurant owner that a home dishwasher would fulfill the dishwashing requirements of a large restaurant. The dishwasher was purchased but it was not powerful enough for the restaurant.
15.
Which of the following statements is correct concerning letters of credit?
16.
Which of the following instruments is subject to the provisions of the Negotiable Instruments Article of the UCC?
17.
Under the UCC, a bill of lading
18.
A maker of a note will have a real defense against a holder in due course as a result of any of the following conditions except
19.
Patch, a frequent shopper at Soon-Shop Stores, received a rain check for an advertised sale item after Soon-Shop's supply of the product ran out. The rain check was in writing and stated that the item would be offered to the customer at the advertised sale price for an unspecified period of time. A Soon-Shop employee signed the rain check. When Patch returned to the store one month later to purchase the item, the store refused to honor the rain check. Under the Sales Article of the UCC, will Patch win a suit to enforce the rain check?
20.
Under the Documents of Title Article of the UCC, which of the following statements is(are) correct regarding a common carrier's duty to deliver goods subject to a negotiable, bearer bill of lading?
