Multiple Questions Answers

1) Which of the following is true?
A. The maker of a note does not have priXXXXX XXXXXability upon signing the note, nor does the drawer of a check upon signing the check.
B. The maker of a note has priXXXXX XXXXXability upon signing the note, and the drawee of a check has priXXXXX XXXXXability upon the drawer’s signing of the check.
C. The maker of a note has priXXXXX XXXXXability upon signing a note, but the drawer of a check does not have priXXXXX XXXXXability upon signing the check.
D. The maker of a note has priXXXXX XXXXXability upon signing the note and the drawer of a check has priXXXXX XXXXXability upon signing the check.
E. The drawer of check has priXXXXX XXXXXability upon signing the check, but the maker of a note does not have priXXXXX XXXXXability upon signing the note.

2) Alan guarantees Visa that he will pay for his daughter Florence’s debt with Visa. If Alan fails to pay Visa, who is liable for Florence’s debt?
A. Neither Alan nor Florence is liable to Visa.
B. Florence is primarily liable to Visa, as she was the party who used the credit in the first place.
C. Alan is primarily liable to Visa, the accommodation maker.
D. Both Alan and Florence are primarily liable to Visa for Florence’s debt.

3) In order for a security interest to give the secured party protection against the claims of other creditors of the debtor, the security interest must:
A. Entitle the creditor to possession.
B. Attach to the subject matter.
C. Terminate the debtor’s interest.
D. Become perfected.

4) Which of the following is true about the distinction between secured and unsecured credit?
A. Secured debt results from a judgment of the court, whereas unsecured debt results from the agreement of the parties.
B. Secured debt will be collected over more than 1 year, whereas unsecured debt is expected to be collected within 1 year.
C. Secured debt is debt that has already been paid, and unsecured has not yet been paid.
D. Secured debt is expected to be collected, whereas collection of unsecured debt is doubtful.
E. Secured debt has collateral associated with it, whereas unsecured debt has no associated collateral.

If you need assistance with writing your assignment, essay, our professional assignments / essay writing service is here to help!

Order Now