Question

True or false

11.All Appliances, Inc. installed a built-in dishwasher in Greta's house. The dishwasher is a fixture.

12.Presentment warranties are made by the drawer of a check or draft. 1

3.Buildings constructed on land are considered personal property.

14.There are three parties on a promissory note: the maker, the drawer and the payee

15.A party cannot obtain ownership of someone else's real estate through adverse possession.

16. Baker makes a will leaving his BMW roadster to his beloved nephew Charlie. Charlie is a beneficiary of Baker's will

17. Sally lends her lawnmower to her neighbor, Chad. Chad is the bailor of the lawnmower

18. Mike signs a promissory note to Carl, who in turn negotiates the instrument to Luke. Of the three, Mike is the only person who has primary liability.

19.  When the name of the payee on an instrument is misspelled, the endorsement becomes invalid.

Answer 1

Answer:

11. TRUE

12. FALSE
Presentment warranties are made by the person who obtains payment or acceptance.

13. FALSE
Personal properties are movable properties. Real property is immovable property - it's land and anything attached to the land.

14. FALSE
There are two parties to a promissory note- maker who makes the note and payee to whom the promise is made.

15. FALSE
Adverse possession is the legal process whereby a non-owner occupant of a piece of land is able to gain title and ownership of that land after a certain period of time.

16. TRUE
The beneficiary refers to someone eligible to receive distributions from a trust or will.

17. FALSE
Chad will be the bailee. Bailee is the person who gains temporary possession of a good or a property (not ownership). Sally will be the bailor i.e. the person who issues the possession.

18. TRUE
Because the primary liability always falls on the maker.

19. FALSE
If the name of the payee on an instrument is misspelled, the instrument still remains valid.