Tom Indorsed a Check Made Payable to the Order of Tom

question 47

Multiple Choice

Tom indorsed a check made payable to the order of Tom Jones as follows: Pay Raymond Berry
/s/ Tom Jones
Raymond negotiated the check to his landlord for his rent. Raymond indorsed the check as follows:
Without Recourse
/s/ Raymond Berry
With regard to Tom's indorsement, which statement is correct?

• A)Tom has secondary contractual liability on the check as an indorser.
• B)Tom has no contractual liability on the check because he is the payee.
• C)Tom has primary contractual liability on the check as payee.
• D)Tom eliminated his liability as an indorser by the type of indorsement he used.

Distinguish between different research methods (case studies, experiments, surveys) and their appropriate applications.

Identify the ethical principles in psychological research, including confidentiality, informed consent, and the role of the Institutional Review Board (IRB).

Appreciate the concept of random sampling and assignment in research to enhance generalizability and control.

Understand the potential issues and limitations in research design, including third variable problems and confounds.

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Definitions:

Use of Cash

Refers to how a business or individual applies their cash resources, often categorized by operating, investing, and financing activities.

Accounts Payable

Obligations a company has to pay off in the near future to its suppliers or creditors, usually within one year.

Inventory

The total amount of goods, materials, and products held by a company for the purpose of sale or production, representing both a current asset and an integral part of the supply chain.

Retained Earnings

The portion of net income that is not distributed as dividends to shareholders, but retained by the company for reinvestment.