Author Question: Under Article 3 of the UCC, a check is: a. an unconditional written order to pay that involves ... (Read 107 times)

sabina · **on:** Jun 24, 2018

Under Article 3 of the UCC, a check is:
a. an unconditional written order to pay that involves three parties: a drawer, drawee, payee; the drawee may be a bank, person, or business. Payment may be set at some future time
b. an unconditional written order to pay that involves two parties: drawer and payee; the payment is at an agreed upon future date
c. a promise by one party to pay a certain sum of money to another party; two parties are involved: the maker and the payee; payment may be set at some future date
d. an acknowledgment by a bank that it has received money from a customer with a promise from the bank that it will repay the money received either at a specified date or upon demand; two parties are involved: a maker and a payee
e. none of these

Question 2

In Weyerhaeuser v. Ross-Simmons Hardwood Lumber, where Weyerhaeuser was accused of predatory bidding for raw timber to drive out a competitor, the Supreme Court held Weyerhaeuser was:
a. not guilty because predatory bidding does not the violate Robinson-Patman Act, predatory pricing does b. not guilty as there was no evidence it used its bidding power to raise output prices
c. guilty as its market share increased to 65 percent, which was evidence of monopolistic impact d. guilty as it raised prices of output after it drove out the competition by buying most of the inputs e. none of the other choices