Transcript Document
Welcome! The Topic For Today Is…. Vocabulary Elements of a contract Characteristics of a contract Termination of an offer Requirements of Acceptance Miscellaneous 200 200 200 200 200 400 400 400 400 400 600 600 600 600 600 800 800 800 800 800 1000 1000 1000 1000 1000 Bonus Question: 5000 pts Topic 1: 200 • Question 1: What is a Check? • Answer: A check is a draft drawn on a bank and payable on demand. Topic 1: 400 • Question: A drawee who has written “accepted “ on the document and signed his or her name. • Answer: What is the Acceptor. Topic 1: 600 • Question: Give an example of a draft. • Answer: Checks and bills of sale Topic 1: 800 • Question: Check issued against checking account with insufficient funds to cover it. • Answer: What is a Bad Check Topic 1: 1000 • Question: A written acknowledgement of the receipt of money and its promise to pay back the money, usually with interest on the due date. • Answer: What is a Certificate of Deposit. Topic 2: 200 • Question: Finance charges are added after subtracting payments made during billing period • Answer: What is an Adjusted Balance Method. Topic 2: 400 • Question: Lien for unpaid services assessed against personal property that has been improved. • Answer: What is an Artisan’s Lien. Topic 2: 600 • Question: Finance charges figured by adding balances for each day in billing period and then divide by the number of days in the billing period • Answer: What is Average Daily Balance Method Topic 2: 800 • Question: Card or other device used to obtain goods, money, or services on credit. • Answer: What is a Credit Card Topic 2: 1000 • Question: A party who buys on credit or borrows money • Answer: What is a Debtor Topic 3: 200 • Question: Check issued against checking account with insufficient funds • Answer: What is a Bad Check Topic 3: 400 • Question: One ordered to pay the money • Answer: What is the Drawee. Topic 3: 600 • Question: The person who orders the money to paid. • Answer: What is the Drawer Topic 3: 800 • Question: A check signed by someone else other than drawer and without authority. • Answer: What is a Forged Check Topic 3: 1000 • Question: - Draft issued by a post office, bank, express company, or telegraph company for use in paying or transferring funds for the purchaser • Answer: What is a money order. Topic 4: 200 • Question: A draft payable as soon as it is presented to drawee for payment • Answer: What is a Sight Draft Topic 4: 400 • Question: Payable at a future date that is written on the face of the note • Answer: What is a Time Note. Topic 4: 600 • Question: How would you define serious intent? • Answer: I would define serious intent as entering into the contract with a legal obligation. Topic 4: 800 • Question: How would you define definiteness and certainty? • Answer: Definiteness and certainty means that you state exactly what the contract is about. Topic 4: 1000 • Question: Used by a seller of goods to receive payment or to extend credit • Answer: What is Trade Acceptance Topic 5: 200 • Question: Party agreeing to be secondarily liable in case of default by the principal debtor • Answer: What is the Gaurantor Topic 5: 400 • Question: Charging a greater amount of interest on a loan than is allowed by law? • Answer: What is Usury Topic 5: 600 • Question: Third party agreeing to be primarily liable for debt in case of default by the principal debtor • Answer: What is the Surety Topic 5: 800 • Question: A contract where debtor retains possession of collateral under a written contract • Answer: What is a Security Agreement Topic 5: 1000 • Question: • Finance charges figured as if no payments made during billing period! • Answer • (What is the Previous Balance Method!) Bonus Question: 5000 pts. • Question: Legal right in another’s property as security for the performance of an obligation such as the repayment of a loan • Answer: What is a Lien Daily Double Of the six elements, which is the most crucial to setting up a valid contract? Daily Double You lost your backpack and posted a $20 reward for it. If someone who did not know about the reward returned the backpack, would you be legally obligated to pay the reward?