Questions from Business Law


Q: If a checkbook is stolen and checks are written by the thief

If a checkbook is stolen and checks are written by the thief and cashed, who bears the loss?

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Q: Discuss circumstances that might require stopping payment on a check.

Discuss circumstances that might require stopping payment on a check.

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Q: What are the benefits and drawbacks to the consumer of using electronic

What are the benefits and drawbacks to the consumer of using electronic funds transfers, automated teller machines, and point-of-sale systems?

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Q: Identify two advantages and two disadvantages of organizing as a partnership.

Identify two advantages and two disadvantages of organizing as a partnership.

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Q: Why would a person who receives a check want to limit its

Why would a person who receives a check want to limit its negotiability, and how would this be done?

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Q: Under what circumstances are a minor’s checks valid?

Under what circumstances are a minor’s checks valid?

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Q: What kind of an endorsement allows an endorser to avoid liability for

What kind of an endorsement allows an endorser to avoid liability for payment even if the maker or drawer defaults on the instrument?

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Q: Describe the defenses against payment of commercial paper that are concerned with

Describe the defenses against payment of commercial paper that are concerned with the acts or circumstances leading to the issue of the paper rather than to the paper itself.

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Q: What is the difference between a contract and a negotiable instrument as

What is the difference between a contract and a negotiable instrument as it concerns consideration?

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Q: State statutes usually declare that commercial paper that is given for gambling

State statutes usually declare that commercial paper that is given for gambling transactions or at usurious rates of interest is void. Can a person pay off an illegal gambling debt by check?

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