An Agreement Between Two Parties to Pay a Lesser Amount

question 14

Multiple Choice

An agreement between two parties to pay a lesser amount to settle an unliquidated debt is

• A)enforceable,as there is consideration.
• B)unenforceable,as there is no consideration.
• C)enforceable in only some states.
• D)unenforceable as a violation of public policy.

Recognize the validity and authentication methods of signatures on negotiable instruments.

Comprehend the process and requirements for the presentment of negotiable instruments.

Understand the consequences of dishonor of a negotiable instrument.

Recognize the conditions under which an instrument may be ratified or signatures are authorized.

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Definitions:

Synthetic Gear Lube

A lubricant made from chemically engineered materials designed to provide superior protection and performance in vehicle gearboxes.

Spinout Failures

A tandem drive axle failure in which one of the four drive wheels loses traction and receives all driveline torque. Spinout conditions may produce wheel speeds four times greater than specified. Spinout failures result from shock loading when a spinning wheel’s motion is suddenly arrested or by lubricant throw-off from rotating components.

Riveted Crown Gear

A type of gear whose teeth are affixed to the wheel or rim using rivets, often used in machinery for transmitting torque.

Flange Case Half

One of two symmetrical sections of a flanged case or cover, designed to join together, typically used to enclose mechanical parts.