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:

Warranty Rights

The entitlements a buyer has under a warranty, including repair, replacement, or refund for products that fail to meet the specified standards.

Privity

The direct relationship between parties to a contract, conferring rights and obligations.

Warranties

Legal guarantees provided by the seller regarding the quality or performance of a product or service.

Implied Warranty

An implied warranty is a legal term for the assurances that are not explicitly stated but that the law infers that goods are fit for their intended purpose.