Which of the Following Is False Regarding Checks

question 29

Multiple Choice

Which of the following is false regarding checks?

• A) Because of electronic fund transfers, checks are of little importance in the U.S. today.
• B) In 2009, Americans wrote approximately 70 billion checks.
• C) Of all the negotiable instruments regulated by the UCC, checks are the most common type used.
• D) Checks are considered negotiable instruments under Article 3 of the UCC.
• E) Article 4 creates a framework controlling deposit and checking agreements between banks and customers; and when Articles 3 and 4 conflict, Article 4 is to take precedence.

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Definitions:

Contract Clause

A provision found in the U.S. Constitution that prohibits states from enacting laws that impair the obligation of contracts.

Public Charters

Special flight operations sanctioned by the government, allowing operators to provide services that are normally outside of their standard offerings.

Federal Law

Laws passed by the national government of a country, which are supreme and have precedence over state laws in matters within the jurisdiction of the national government.

State Legislation

A body of laws and regulations enacted by the legislative branch of a state government.