Bruce Agrees to Buy Joe's Ranch

question 39

Multiple Choice

Bruce agrees to buy Joe's ranch. They draw up a note, under which Bruce is to pay Joe in three installments, each payable on a specified date. Joe has concerns about Bruce's ability to pay on time, so he insists that the note include an acceleration clause. Such a clause would allow Joe to:

• A) accelerate the sale of the ranch.
• B) demand payment of the entire amount Bruce owes him if a certain event occurs.
• C) extend the date of maturity on the note until a certain date in the future.
• D) accelerate the statute of limitations in a case involving negotiable instruments

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Definitions:

Dormant

In a state of temporary inactivity or rest, with the potential to awaken or activate.

Genes

Units of heredity made up of DNA that act as instructions to make molecules called proteins, impacting an organism's development and functioning.

Environmental Events

Occurrences or incidents in the natural world that can influence behavior and mental processes.

Neuroticism

A personality trait characterized by emotional instability, anxiety, moodiness, worry, and sadness, considered one of the five major traits in the study of personality.