If an Instrument Is Determined to Be Nonnegotiable, and a Dispute

question 82

Multiple Choice

If an instrument is determined to be nonnegotiable, and a dispute arises, Article 3 will:

• A) apply the same as it does in the case of disputes involving negotiable instruments with the exception that the rights and remedies available to the parties are more flexible for nonnegotiable instruments under Article 3 (because the potential consequences to holders is less of a financial burden)
• B) apply as long as the instrument has not been assigned to a third party
• C) not apply and the parties will need to resolve their dispute with reference to the common law of contracts
• D) not apply and the parties will resolve their dispute with reference to the sale of goods under Article 2
• E) none of the other choices

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Definitions:

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Individuals' personal perceptions or feelings about their own age, which can differ significantly from their chronological age.

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The process of becoming older, a series of biological changes that follow a natural progression in every living organism.

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A series of events and incidents that occur in an individual's life, shaping their knowledge, character, and worldview.

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The capacity of an individual to think, understand, reason, and apply knowledge and intelligence in different contexts.