Under Article 3 of the UCC, a draft is:
a. an unconditional written order to pay that involves two parties: drawer and payee; the payment is on demand only
b. an unconditional written order to pay that involves three distinct parties: drawer, drawee, and payee; the drawee must be a bank; payment must be on demand
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 time in the future
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 at a specified date or upon demand; two parties are involved: a maker and a payee
e. none of the other choices
Question 2
MicroManage is the fastest growing home-software producer in the country. In 2000, it sold 6 of all home software in the U.S., but in 2011, it sold 55 of all home software. A recent issue of Computer Universe said that MicroManage was the most dominant and aggressive of all home-software developers. Home software is a small part of the entire software industry. In 2011, MicroManage proposed a merger with Game Master, its main rival. Game Master was responsible for 10 of all home-software sales in 2010 . MicroManage's president says that the combination of the firms will allow MicroManage to lower costs and pass the savings on to its customers. The Department of Justice filed suit to stop this merger, claiming the combination would give monopoly power to the merged firm. Justice insists that consumers would lose in the end. If the MicroManage-Game Master merger is challenged as a violation of the Sherman Act, it will be challenged:
a. on the grounds of a geographic restraint b. as an attempt to monopolize
c. on the grounds that one president will be director of two companies d. on the grounds that a tie-in arrangement is involved
e. none of the other choices; copyrighted software is exempt from antitrust law
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