On December 4,Quentin Signed a Promissory Note Prepared by Landers

question 7

Multiple Choice

On December 4,Quentin signed a promissory note prepared by Landers Finance for $1,200.The preprinted form used by Landers stated the amount,plus interest,was due and payable in six months.On the line of the form that specified repayment terms,Landers had typed in that the note was due and payable by June 30 of the following year.How would this ambiguity be resolved?

• A) A new note would have to be negotiated and drawn up since the payment terms are contradictory.
• B) The June 30 date would be effective because, if terms in a negotiable instrument contradict each other, typed terms win over pre-printed terms.
• C) The June 30 date would be effective because, if terms in a negotiable instrument contradict each other, the term that favors the consumer takes precedence.
• D) The six-month date would be effective because, if terms in a negotiable instrument contradict each other, the pre-printed terms win over typed or handwritten terms.

Understand the components and types of authority as identified by Max Weber.

Comprehend the significance and outcomes of the Asch experiment on conformity.

Apply sociological principles to motivate team members in a competitive environment.

Describe the Twenty Statements Test and its relevance to social psychology.

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Definitions:

Securitization

The financial process of pooling various types of contractual debt, such as mortgages or loans, and selling them as consolidated financial instruments to investors.

Securities Not Collateralized

Financial instruments or investments that are not backed by a physical asset or security, making them potentially riskier for investors since there is no guarantee of repayment through asset seizure.

Factoring

A financial transaction where a business sells its accounts receivable to a third party (the factor) at a discount, in order to receive immediate cash.

With Recourse

A term indicating that if the primary party defaults on an obligation, the lender or third party has the right to seek repayment from the signer of the instrument.