Show:
Sales Contract
Other Types of Contracts
MIX
Cheques & Promissory Notes
100
The passing of title to property from the seller to the buyer for a price. → sale (True or False)
True
100
The both Com. Agency and Intermediation Contracts should be in writing. (True or False)
False
100
Define: A contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price.
A Sales Contract
100
Written legal contract that obligates the borrower to repay a loan. Evidence of the debt. States amount borrowed and terms of repayment is called a?
Promissory Note
200
A purchase contract is always required on refinance transactions? (True or False)
False
200
Define: Agent
A person authorized to act on behalf of another person
200
Promissory Notes MUST be specific and must be signed by________.
The Drawer
200
Promissory Notes may and may not carry specific maturity date. (True or False)
True
300
Individuals who do not qualify as merchants in a transaction are called?
Casual Sellers
300
3) What are Contractual Duties of the Agent? List 2
-To obey Principal’s instructions -To show appropriate amount of care and skills -To perform the duties personally
300
Duties of the Intermediator
• Duty of Care • Duty to Inform • Duty to Keep Records
300
A Cheque issued by a bank BUT drawn on an account with ANOTHER bank is called?
Teller's Cheque
400
A collection of rights including the right to hold title, possess, use, enjoy, profit from, waste, and even destroy the subject property.
Ownership
400
Fiduciary Duties of Agent (list 3 of them)
1. To PROTECT the interests of the Principal 2. To act in good faith and avoid conflict of interest 3. Not to make secret profit 4. Not to take bribe 5. To KEEP RECORDS and to separate the property
400
The Forwarding Contract is concluded for the purpose of______________, where the Forwarder (peditor) undertakes obligation IN his/her OWN NAME, BUT__________ ,to enter into contract for transportation and other contracts, as well as to perform
transportation of goods, on BEHALF of the Principal
400
What if the amount stated with words does not match the amount stated with numbers on the cheque?
It is considered Invalid
500
Under the UCC, a party who, by a bill of lading, warehouse receipt, or other document of title, acknowledges possession of goods and/or contracts to deliver them is called?
bailee (depository)
500
COMMERCIAL AGENT is a self employed intermediary who has continuing authority to: a) __________ only if b)____________ , to conclude contracts with third parties
a)negotiate contracts b) duly authorized
500
List 3 Differences between Cheque and . Promissory Note
• Three-party vs. Two-party Instrument • Naming of the Payee required element or not required element • Payment Instrument vs. Instrument for Securing Payment
500
What are the parties in a promissory note.
(Maker) - borrower who executes a note and becomes liable for payment to lender (Holder) - starts as lender Holder can sell the note to a holder in due course called the (Noteholder)