1. State three ways in which a negotiable instrument differs from an instrument not negotiable. How does "assignment" differ from "negotiation"?
2. Define a negotiable promissory note. Who are the parties thereto?
3. Define a bill of exchange. What two sorts are there? Define them. Name the parties to a bill of exchange.
4. Define a check. In what respect does it differ from a bill of exchange?
5. Is a certificate of deposit negotiable? Why?
6. When are bonds negotiable?
7. What is a "straight" bill of lading? an "order" bill? Is a warehouse receipt negotiable?
8. Is a mortgage negotiable? Is a certificate of ownership of corporate stock negotiable?
9. What are the instruments properly falling within the negotiable instruments law?
10. What was the origin of negotiable paper?
11. What was the first kind of negotiable Instrument?
13. What are the essential elements of a negotiable instrument?
14. May a note which is signed by the maker's initial be negotiable?
15. Can one whose name, assumed or real, is not by one's self or one's agent signed to a note, be liable thereon?
16. The following note was given:
"New York, Jan. 5, 1906. "Six months after date I promise to pay to the order of C. D. $3166. Subject to terms of contract between maker and payee of October 25, 1905. (Signed) A. B."
E. P. purchased his note for value before maturity and in good faith. When he presented it at maturity to A. B. for payment, payment was refused on account of the fact that the contract referred to had not been performed. E. F. sues A. B. A. B. sets up his defense. Can he avail of it against E. P.? Why? (Klots Co. v. M'n'f'rs Co., 179 Fed. 813.)
17. A wrote an order upon B to pay C or order $200 "out of money due me for labor." Is this a bill of exchange or an assignment? Why? Why Is there any importance In the distinction? (Stebbins v. Union Pacific R. Co., 2 Wyo. 71.)
18. A made a note to the order of B which was secured by a mortgage from A to B, and one of whose provisions was that A should pay taxes, special assessments, etc., upon the mortgaged property and various other conditions and stipulations. B sold the note and assigned the mortgage to C. Is this note rendered non-negotiable by the fact that It states upon Its face that it is secured by a mortgage between the parties? (Zollman v. Bank, 238 111. 290.)
19. Is a note which falls due in installments negotiable If otherwise correctly drawn? If it is to bear "current rate of exchange"? Suppose it provides for payment of a certain sum "with an attorney's fee and costs of collection if not paid at maturity"?
20. What la demand paper?
2I. If a note It payable a certain time after as treat whose happening la uncertain to ever occur, and the treat hap-aena, does the note thereupon become negotiable?
22. What are words of negotiability? Give them.
23. A made oat his check payable to "cash." It this nege-tlablaf
24. What is a "Judgment note"? It It negotiable?
25. If the date is omitted. is an Instrument rendered thereby non-negotiable? What it tat rule with reference to antedating and post-dating?
26. If a check states the ram payable In writing In the body and in figures in the margin, and there is a discrepancy between the two, which governs?
27. A made a note payable to the order of B, but told B not to make use of it under any circumstances except upon a certain condition. B, in violation of this stipulation Indorsed the note to C who paid value for It and took before maturity and In good faith. is A responsible to C? Why?
28. B has a note payable to his order by A with tern la blank. He Informs C that he authorized to fill In any amount up to $1000. His real authority la to fill up for not over $500. C pays B $1000 for the note which sum is thereupon filled la by B, and the note la Indorsed and delivered to C Can C hold A for $1000 on the note?
29. Give the proper form of signature tar as agent to use la binding hit principal.
3O. A. ancle of B, as a gift to B, gave B a promissory note reading to B's order payable on July 1, 1911, which was B's twenty-first birthday. When that date occurred, A Informed B he would not honor the note. B brought suit. Hat A any good defense? Way ?
31. It it necessary to refer to the consideration is i ne-gotlablt instrument? Arc the words "value received" or their equivalent necessary?
32. A bought a lot of second hand furniture from B at an agreed price of $500 and gave B his promissory note for that ■am payable in three months. This was an exorbitant price as A could hare purchased its equivalent for not over $100 at any second hand furniture dealer's. A discovers that the price is excessive. Can he set up this inadequacy to defeat the nots in whole or part?
33. A desired to borrow $500 from B. B was willing to loan the money to A if C would sign the note with A. C did so purely as an act of friendship, which B knew. No benefit was derived by C, nor was it expected by the parties that he should receive any of the consideration or any benefit Can C when sued by B, sat up lack of consideration? Why? What la C called?
34. Define acceptance. May an acceptance be orally made? Must it be on the face of the bill Itself?
35. A draws on B in favor of C, and C sends the bill to B for acceptance. B retains the paper and makes no reply to C. C claims that this retention amounted to an acceptance. What is the rale?
36. What is a qualified acceptance? Must the holder be content with a qualified acceptance? What is its effect upon the drawer and prior indorsers? If the acceptance names a place of payment, is this a qualified acceptance?
37. A drew a check upon the Ocean National Bank, and delivered It to the payee who procured its certification. The drawer had sufficient funds to pay the check and the amount of the check was charged off against him. Within an hour the bank suspended payment. Can the payee hold A upon this check?