[Auto Repair] Sam Writes a Check from His Checking Account

question 30

Multiple Choice

[Auto Repair] Sam writes a check from his checking account with Banking International to pay Auto Repair for service work it performed on his vehicle.
-Under the UCC, what title does Sam hold?

• A) Drawee
• B) Drawer
• C) Owner
• D) Payee
• E) Payor

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Definitions:

Tutor

An individual who provides personal, academic instruction or guidance to another, usually in a one-on-one setting.

Accord and Satisfaction

A legal settlement in which a dispute is resolved by the parties agreeing (accord) and performing (satisfaction) a negotiated agreement, often involving a payment different from what was originally due.

Substituted Contract

An agreement that replaces an existing contract, typically with the consent of all parties involved, establishing new terms and obligations.

Novation

The act of replacing one party in a contract with another party, or altering the terms of a contract, with all parties' consent, resulting in a new agreement.