On January 1, Jasmine Bought a Speedboat from Malcolm

question 70

Multiple Choice

On January 1, Jasmine bought a speedboat from Malcolm.The purchase price was $100 000.Jasmine gave Malcolm a promissory note for $100 000.The note was payable in five monthly instalments beginning on March 1.Which of the following statements is TRUE?

• A)Because a promissory note must be for a "sum certain," the note that Jasmine created could not require her to pay interest on the purchase price of $100 000.
• B)If Malcolm is unable to recover any money under the promissory note, he must sue Jasmine on the basis of their sales contract, rather than on the basis of the promissory note itself.
• C)Jasmine's promissory note cannot contain an acceleration clause because it is payable in instalments.
• D)A promissory note, like a bill of exchange, must have a drawee.
• E)After each installment payment, Jasmine should make sure that Malcolm writes a receipt onto the promissory note itself.

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Definitions:

Cognitive Perspective

A psychological approach that focuses on how we think, understand, and perceive the world around us, emphasizing mental processes.

Object Permanence

Recognition that objects continue to exist even when they are not seen.

Theoretical View

A perspective or model based on theories that attempt to explain phenomena by integrating various concepts and propositions.

Specific Attachments

The strong emotional bonds that develop between an infant and particular caregivers, typically emerging around 7 to 9 months of age.