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Barbri - Short Answer Questions - MBE|
2025 LATEST UPDATED | 100 COMPLETE
SET QUESTIONS WITH ANSWERS Questions
and Correct Answers/ Latest Update /
Already Graded
Under Article 3 of the UCC, as adopted by Virginia, what is the
statute of limitations for actions on notes payable at a definite time
or on demand?
Ans: 6 years
Under Article 3 of the UCC, as adopted by Virginia, an instrument, to
be negotiable, must be payable to ___ or to ___.
Ans: Order, Bearer
There are basically two kinds of negotiable instruments to which
Article 3 of the UCC, as adopted by Virginia, applies: ___ and ___
Ans: Notes, Drafts
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True or False: Under Article 3 of the UCC, as adopted by Virginia, a
check is a specific type of note.
Ans: FALSE. A check is a special type of draft, namely one drawn on a
bank and payable on demand.
Under Article 3 of the UCC, as adopted by Virginia, all of the
following defenses may be raised against a holder in due course
except:
A. Infancy
B. Illegality
C. Duress
D. Lack of Consideration
Ans: D. Lack of Consideration
Under Article 3 of the UCC, as adopted by Virginia, if no demand for
payment is made on the maker of a note payable on demand or at
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a definite time, an action to enforce the note is barred if no interest
or principal has been paid on the note for ___ years.
Ans: 10
Under Article 3 of the UCC, as adopted by Virginia, which of the
following defenses may be raised against a holder in due course?
A. Discharge in insolvency proceedings.
B. Failure of a condition precedent
C. Breach of Warranty
D. Lack of Consideration
Ans: A. Discharge in insolvency proceedings
Under Article 3 of the UCC, as adopted by Virginia, define "fraud in
the factum."
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Ans: Under the UCC, there are two kinds of fraud - real and personal.
"Real" fraud ("fraud in factum") is assertable against a holder in due course
and is defined as "fraud that induced the obligor to sign the instrument
with neither knowledge nor reasonable opportunity to learn of its
character or its essential terms."
Under the Virginia Stock Corporation Act, each corporation must
maintain the the Commonwealth a registered ___ and a registered
___.
Ans: Office, Agent
True or False: Under the Virginia Stock Corporation Act, to approve
an ordinary matter at a shareholders' meeting at which a quorum is
present, the majority of the shares represented at the meeting must
be voted in favor of the matter.
Ans: False. Votes FOR must exceed votes AGAINST.
Barbri - Short Answer Questions - MBE|
2025 LATEST UPDATED | 100 COMPLETE
SET QUESTIONS WITH ANSWERS Questions
and Correct Answers/ Latest Update /
Already Graded
Under Article 3 of the UCC, as adopted by Virginia, what is the
statute of limitations for actions on notes payable at a definite time
or on demand?
Ans: 6 years
Under Article 3 of the UCC, as adopted by Virginia, an instrument, to
be negotiable, must be payable to ___ or to ___.
Ans: Order, Bearer
There are basically two kinds of negotiable instruments to which
Article 3 of the UCC, as adopted by Virginia, applies: ___ and ___
Ans: Notes, Drafts
,2 | Page
True or False: Under Article 3 of the UCC, as adopted by Virginia, a
check is a specific type of note.
Ans: FALSE. A check is a special type of draft, namely one drawn on a
bank and payable on demand.
Under Article 3 of the UCC, as adopted by Virginia, all of the
following defenses may be raised against a holder in due course
except:
A. Infancy
B. Illegality
C. Duress
D. Lack of Consideration
Ans: D. Lack of Consideration
Under Article 3 of the UCC, as adopted by Virginia, if no demand for
payment is made on the maker of a note payable on demand or at
,3 | Page
a definite time, an action to enforce the note is barred if no interest
or principal has been paid on the note for ___ years.
Ans: 10
Under Article 3 of the UCC, as adopted by Virginia, which of the
following defenses may be raised against a holder in due course?
A. Discharge in insolvency proceedings.
B. Failure of a condition precedent
C. Breach of Warranty
D. Lack of Consideration
Ans: A. Discharge in insolvency proceedings
Under Article 3 of the UCC, as adopted by Virginia, define "fraud in
the factum."
, 4 | Page
Ans: Under the UCC, there are two kinds of fraud - real and personal.
"Real" fraud ("fraud in factum") is assertable against a holder in due course
and is defined as "fraud that induced the obligor to sign the instrument
with neither knowledge nor reasonable opportunity to learn of its
character or its essential terms."
Under the Virginia Stock Corporation Act, each corporation must
maintain the the Commonwealth a registered ___ and a registered
___.
Ans: Office, Agent
True or False: Under the Virginia Stock Corporation Act, to approve
an ordinary matter at a shareholders' meeting at which a quorum is
present, the majority of the shares represented at the meeting must
be voted in favor of the matter.
Ans: False. Votes FOR must exceed votes AGAINST.
