Negotiable Instrument - Order or Bearer Paper

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Business, Social Studies
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University
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Hard
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key requirement for an instrument to be considered order paper?
It must be left blank.
It must be made out to bearer.
It must include the word 'order'.
It must be made out to a specific person only.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is bearer paper different from order paper?
Bearer paper can be made out to no one at all.
Bearer paper is made out to a specific person.
Bearer paper must include the word 'order'.
Bearer paper cannot be transferred.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following scenarios would result in an instrument being considered bearer paper?
Made out to 'order of a named person'.
Made out to 'order of cash'.
Made out to a specific person only.
Made out to 'order of a specific person'.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens if an instrument is made out to 'order of' with a blank space?
It becomes non-negotiable.
It cannot be transferred.
It is considered order paper.
It is considered bearer paper.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is entitled to present bearer paper for payment?
Anyone in possession of the paper.
Only the person named on the paper.
The original issuer of the paper.
A bank or financial institution.
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