A Check You Wrote to Buy Shoes Last Week Has

question 34

Multiple Choice

A check you wrote to buy shoes last week has not yet been approved by the bank.It is said to be:

• A)outstanding.
• B)credited.
• C)endorsed.
• D)certified.
• E)subtracted.

---

Definitions:

Origin Contract

A contract which determines the initial terms and conditions set forth for an agreement or transaction.

Voidable Title

indicates that a title transfer may be nullified if the buyer discovers the seller did not have ownership rights or authority to sell the item in question.

Good-Faith Purchase

Buying property without knowledge of any existing claims or rights of others, believing the transaction to be honest and legal.

Goods-In-Bailment Contract

A contract where personal property or goods are transferred temporarily into the custody of another for a specific purpose but ownership remains with the bailor.