In Accordance with the Bills of Exchange Act, in Which

question 24

Multiple Choice

In accordance with the Bills of Exchange Act, in which of the following transactions will a consumer note be created:

• A)Jennifer a housewife, signs a a promissory note in favour of her neighbour Dan in exchange for a loan from him.
• B)Jasper buys a car and gives the car dealership 10 post dated cheques to cover the payments over a 10 month period.
• C)Mary buys a new sofa from a retail store and writes a cheque as payment.
• D)B and C
• E)All of the above

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Definitions:

Binding Contract

An agreement between parties that is legally enforceable in a court of law.

Commitment

The state or quality of being dedicated to a cause, activity, or undertaking.

Standard Of Care

The degree of attentiveness, caution, and prudence that a reasonable person would reasonably be expected to do in similar circumstances.

Test

A method or procedure used to assess the presence, quality, or performance of something.