Question: A & D, Inc. wrote a negotiable note payable to Vicy, Inc. for the purchase of some satellite receivers. A & D left the amount
A & D, Inc. wrote a negotiable note payable to Vicy, Inc. for the purchase of some satellite receivers. A & D left the amount of the note blank because it was uncertain as to amount of the applicable tax. Vicy completed the note for $3,000 more than A & D actually owed for the receivers it purchased. The note was negotiated to a holder in due course. A & D will not have to honor the note as this constituted fraud in the execution. Question 84 options: True False Question 85 (1 point) Listen Tim buys a high-powered tool from Binford Tools to use on the construction of his own garage. Binford Tools provides a full warranty on the tool for the first six months. To pay for the tool, Tim signs a negotiable promissory note which contains the FTC Consumer Credit Notice. Binford properly negotiates the note to First Finance. Within three weeks, the tool stops working and Binford refuses to repair or replace it. In the meantime, First Finance demands payment from Tim. Under the Federal Trade Commission rules, this consumer credit situation means First Finance Question 85 options: a) can collect if it is a holder in due course. b) can collect if it is not a holder in due course. c) can collect whether or not it is a holder in due course. d) cannot collect
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