[House Painting] Graciela Reyes Signed a Check Agreeing to Pay

question 61

Multiple Choice

[House Painting] Graciela Reyes signed a check agreeing to pay, "Annie Greene, Marney Harris," $1,000. The payment was for painting her house. A problem with the note was that it spelled Annie's last name, "Greene," whereas Annie spells it simply, "Green." Annie and Marney were having a disagreement regarding how to split up the funds for painting the house. Annie proceeded to sign the check on the back, "Annie Green," and presented it to Hiro Murakami to satisfy a debt that she owed him. Hiro Murakami endorsed the check on the back, "Hiro Murakami, without recourse," and gave it to his nephew, Nate, who took it to the bank for payment. Meanwhile, Graciela has stopped payment on the check because, following a rainstorm, all the paint on the house looked spotted. Marney is unhappy because she did not obtain any of the funds and stated that Annie could not legally endorse the instrument because it misspelled her name and also because she, Marney, did not sign it.
-What is the effect of the designation, "Hiro Murakami, without recourse?"

• A) It has no effect on any subsequent holder.
• B) It has no effect on anyone, including, but not limited to, any subsequent holder.
• C) It means that Hiro Murakami does not provide any guarantees to subsequent holders if the instrument is later dishonored.
• D) It means that Hiro Murakami is providing that any subsequent holder cannot be held liable.
• E) It means that Hiro Murakami is providing that neither he nor the person who transferred the instrument to him can be held further liable to any subsequent holder.

Explain the utility of trait theories in describing personality and predicting behavior.

Understand the role of unconditional positive regard in fostering an environment conducive to personal growth and self-acceptance.

Understand the basics and significance of personality traits.

Recognize the importance of unconditional positive regard in Rogers' theory.

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Definitions:

Semi-Annually Compounded

Interest or finance charges are applied to the principal sum twice a year, causing the investment or loan to grow at a faster rate than simple annual compounding.

RSP

Registered Savings Plan, a financial account in Canada designated for holding savings and investment assets, with special tax benefits for retirement savings.

Monthly Compounded

Pertains to interest or any financial metric that is calculated and added to the principal balance every month.

Nominal Rate

The stated interest rate of a bond or loan, not accounting for compounding or inflation effects.