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:

Long Lining

A commercial fishing technique that uses a long line, often kilometers in length, with baited hooks spaced at intervals to catch fish or other marine animals.

Cetaceans

A group of marine mammals that includes whales, dolphins, and porpoises, characterized by their fully aquatic lifestyle.

Nile Perch

A large freshwater fish native to African rivers, lakes, and reservoirs, known for its significant role in commercial fishing.

Lake Victoria

Africa's largest lake by area, and it is among the largest freshwater lakes in the world, known for its rich biodiversity.