MULTIPLE CHOICE

76. An instrument issued by a bank, post office, or express company indicating

that the payee may request and receive the amount indicated on the

instrument is a(n)

a. check

b. money order

c. warranty

d. usury

77. A sale which is not complete until buyer approves the goods is called a(n)

a. sale or return

b. consignment

c. document of title

d. sale on approval

78. Laws designed to prevent an individual, corporation, or group from

controlling too large a share of the market for a product are

a. Truth in advertising laws

b. Usury laws

c. Anticompetition laws

d. Antitrust laws

79. When a note is taken from the maker without permission, the defense of ???

might be raised.

a. theft

b. part payment

c. absence of consideration

d. none of the above

80. When the warranty is not expressed but becomes part of the sales contract, it

is called a(n)

a. express warranty

b. limited warranty

c. implied warranty

d. all of the above

81. Commercial paper made payable to the order of a named person is

a. bearer paper

b. draft

c. order paper

d. toilet paper

82. A completed sale with the buyer having the right to return the goods and set

aside the sale is a(n)

a. sale on approval

b. sale or return

c. closing

d. consignment

83. Ruth paid $400 on a $600 note held by Martin. Ruth failed to make

payment on the note. What defense will Ruth raise if sued for $600 by

Martin?

a. Promissory Estoppel

b. part payment

c. absence of consideration

d. improper completion

84. A draft payable on demand and drawn on a bank is a(n)

a. money order

b. traveler's check

c. certificate of deposit

d. check

85. The maker's refusal of payment when demanded by the holder is

a. sight draft

b. dishonor

c. first refusal

d. without recourse