When the Transfer of an Instrument Breaches a ________ Associated

question 78

Multiple Choice

When the transfer of an instrument breaches a ________ associated with the instrument, warranty liability results.

• A) clause
• B) warranty
• C) time limit
• D) primary liability
• E) secondary liability

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Definitions:

Court of Federal Claims

The Court of Federal Claims is a federal court that handles cases involving monetary claims against the U.S. government.

U.S. District Court

The general trial courts of the United States federal court system where civil and criminal cases are filed and heard.

U.S. Tax Court

A federal court that provides taxpayers a venue to dispute tax assessments made by the Internal Revenue Service.

Form 1040EZ

A simplified tax form for U.S. taxpayers with straightforward tax situations, but it was phased out after the 2017 tax year.