FSE 2930 Professional review business law
UPDATED Exam Questions and CORRECT
Answers
fungible goods - CORRECT ANSWER -the property of a good or a commodity whose
individual units are capable of mutual substitution, such as crude oil, shares in a company,
bonds, precious metals or currencies
Implied warranty - CORRECT ANSWER -What type of warranty is imposed by law?
liability insurance - CORRECT ANSWER -Insurance that covers business liability to
customers of others who might be injured from the product sold to them
drawee - CORRECT ANSWER -the person (or bank) who is expected to pay a check or
draft when it is presented for payment
Payee - CORRECT ANSWER -party to whom instrument is payable
Drawer - CORRECT ANSWER -person who executes a draft for the payment of money
life insurance - CORRECT ANSWER -Insurance that provides death benefits to the
survivors of the insured
Acceptor - CORRECT ANSWER -person who agrees to pay a draft [a drawee who has
accepted a draft]
Maker - CORRECT ANSWER -person who executes a note [person who signs or is
identified in a note as a person undertaking to pay]
UPDATED Exam Questions and CORRECT
Answers
fungible goods - CORRECT ANSWER -the property of a good or a commodity whose
individual units are capable of mutual substitution, such as crude oil, shares in a company,
bonds, precious metals or currencies
Implied warranty - CORRECT ANSWER -What type of warranty is imposed by law?
liability insurance - CORRECT ANSWER -Insurance that covers business liability to
customers of others who might be injured from the product sold to them
drawee - CORRECT ANSWER -the person (or bank) who is expected to pay a check or
draft when it is presented for payment
Payee - CORRECT ANSWER -party to whom instrument is payable
Drawer - CORRECT ANSWER -person who executes a draft for the payment of money
life insurance - CORRECT ANSWER -Insurance that provides death benefits to the
survivors of the insured
Acceptor - CORRECT ANSWER -person who agrees to pay a draft [a drawee who has
accepted a draft]
Maker - CORRECT ANSWER -person who executes a note [person who signs or is
identified in a note as a person undertaking to pay]
