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True or False Quiz
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1
Value may consist of accepting an instrument in payment of a debt.
A)True
B)False
2
A check is overdue one hundred eighty days after its date.
A)True
B)False
3
The shelter rule allows someone who is not a holder in due course to have the rights of a holder in due course.
A)True
B)False
4
Personal defenses are not effective against a holder who has paid value.
A)True
B)False
5
Lacy gives Harry a $500 check for what Harry says is a mink coat, but what is, in fact, a rabbit. This is an effective defense against a holder in due course.
A)True
B)False
6
The Holder In Due Course Rule regulates consumer credit contracts.
A)True
B)False
7
Margy signed what she believed to be a receipt for delivery of a copy machine but it was, in fact, a promissory note. Margy has a real defense to payment.
A)True
B)False
8
The issuer of a cashier's check is obligated to pay without reservations of any kind.
A)True
B)False
9
A presenting party has immediate recourse against indorsers when the maker of a note refuses to pay.
A)True
B)False
10
Banks taking instruments for collection must give notice of dishonor before midnight of the banking day following the day the bank was notified of the dishonor.
A)True
B)False





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