Revised UCC Article 3 Refers to Drawers, Indorsers, and Accommodation

question 36

True/False

Revised UCC Article 3 refers to drawers, indorsers, and accommodation parties as "secondary obligors."

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Definitions:

Slight Negligence

The failure to use that degree of care that persons of extraordinary prudence and foresight are accustomed to use.

Reasonable Care

A legal standard that requires individuals or entities to act with the caution and diligence that a prudent person would under similar circumstances.

Bailment

The transfer of possession of personal property from one person to another with the understanding that the property will be returned.

Mutuum

An ancient legal term referring to a loan agreement where one party agrees to lend something that must be returned in kind and quantity, typically involving consumables.