what effect does a minor’s misrepresentation of age have on his or her right to disaffirm

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6. Question one. Sam promises his uncle, Bob, that he...

Question 1. Sam promises his uncle, Bob, that he volition lose 10 pounds and practise every day during..

Question 1. Sam promises his uncle, Bob, that he will lose 10 pounds and exercise every day during the spring semester in exchange for having his tuition paid for the fall semester. The uncle agrees; simply after Sam has lost 10 pounds and exercised all semester, Bob refuses to pay maxim that no contract existed. Which of the post-obit is true? Consideration was present, there was an enforceable contract, and Bob has wrongfully refused to pay. At that place was no consideration nowadays, and Bob has no obligation to pay. There was no consideration present, just Bob must pay under principles of promissory estoppels. There was consideration nowadays, but Bob is not required to pay considering the contract was illusory. There was consideration nowadays, but Bob is not required to pay considering Bob did non receive a benefit personally. 2. In a bilateral contract, the consideration for each promise is ______. A completed act The beginning of action in acceptance, fifty-fifty if it is non complete An acknowledgement A return hope An agreement 3. What did the courtroom rule in the case in the text, Labriola v. Pollard Grouping, Inc., regarding whether the noncompete agreement at issue in the case was enforceable? The courtroom ruled that the noncompete agreement was enforceable considering the employee received independent consideration for it in the course of increased wages. The court ruled that the noncompete agreement was enforceable because the employee received contained consideration for it in the form of a fixed term of employment. The court ruled that the noncompete agreement was enforceable because the employee received independent consideration for it in the form of a promotion. The court ruled that the noncompete understanding was not enforceable because the employee did non receive the consideration agreed upon. The court ruled that the noncompete agreement was not enforceable because of lack of consideration. 4. Which of the post-obit is faux under the law in England? England has requirements for consideration. England does non recognize the exception of promissory estoppel. In England, specialty contracts or deeds are an additional exception to the requirement for consideration. In England, deeds are used to create enforceable promises of gifts to charity. In England, a human activity is a document that creates a binding obligation betwixt parties without consideration when certain formalities are honored. 5. Sam offers Betty his bike for $75. Which of the following is an example of an illusory promise on the part of Betty? â€Å"I’ll accept information technology.” â€Å"I’ll take it if I determine to do so.” â€Å"I won’t pay $75, merely I volition pay $50.” â€Å"I’ll have it if you volition let me effort it out first and the brakes work well.” â€Å"I’ll take information technology if you will buy new tires.” 6. Which of the post-obit was the result in the Case Opener in which the chaser sued to recover the value of 3 percent of the accused- stock based on the fact that he provided a loan to the defending company, and the directors later on promised the stock to him? The court ruled that the attorney was not entitled to the value of the stock because it was offered as a gift. The court ruled that the attorney was entitled to the value of the stock because it was offered as a gift. The court ruled that the attorney was entitled to the value of the stock because it was consideration provided by the company. The court ruled that the attorney was entitled to the value of the stock based on promissory estoppels. The court ruled that the attorney was entitled to the value of the stock both because it was consideration provided by the company and likewise based on promissory estoppels. 7. Sally goes to take her hair trimmed and agrees to pay $40 to the stylist. While there, Sally decides that she would as well like highlights. The stylist informs her that highlights will cost an boosted $30. Sally agrees to the price, gets the highlights, just refuses to pay the actress corporeality. What is the likely result in a dispute between Sally and the stylist and why? The stylist will win considering she did additional work in exchange for the extra payment; and, therefore, Sally- promise was supported by valid consideration. The stylist will win considering she did additional piece of work in exchange for the actress payment; and, therefore, a valid unilateral contract existed. The stylist volition win unless Sally can show that she had previously received both a trim and highlights for $forty. If she can prove that she previously received both for $40, and then the past expectations rule applies. Sally volition win because the stylist had a preexisting duty to have Sally- pilus look as skilful as possible. Sally will win because in that location was no valid consideration in exchange for the highlighting. eight. A(n) ______contract is an agreement whereby the buyer agrees to purchase all goods from 1 seller. Supply Use Requirement Output Arranged ix. Which of the following is true of a requirement contract under the UCC? It is valid and so long as the requirement is made in good faith. It is valid so long every bit there is a writing setting forth the terms signed by the offeree. It is valid so long as at that place is a writing setting along the terms signed past the offeror and the offeree. It is valid so long equally more than nominal consideration is provided. It is not valid because of the lack of consideration. 10. When an accord and satisfaction is at upshot, the ______ is the new agreement to pay less than the creditor claims is owed. Satisfaction Accordance Both satisfaction and accord Written compromise Written acknowledgement 11. Which of the post-obit was the result in the example Mast Long Term Care 5. Forest Hills Rest Home, covered in the Case Asset, in which the defendant'southward rest abode claimed it was not bound past an agreement to buy all its drugs not ordinarily stocked from the plaintiff? The agreement was non enforceable considering no price schedule was agreed upon. The agreement was non enforceable because it was an output contract. The understanding was non enforceable considering it was a requirement contract. The agreement was enforceable based on promissory estoppel although consideration was lacking for a binding contract. The agreement contained sufficient consideration on the part of the plaintiff and defendant. 12. Which of the following is an element of a legally bounden contract? Enquiry Acknowledgement Capacity Noesis Affirmance thirteen. In most states, a person is given full legal capacity to enter into contracts when he or she becomes ______ before reaching the age of majority. Emancipated Freed Released Employed Either released or employed 14. When must a disaffirmance of a contract based on minority occur? Before or inside a reasonable time of the minor reaching the historic period of majority. Inside 30 days of the minor reaching the age of majority. Within 60 days of the pocket-sized reaching the age of bulk. Within ninety days of the pocket-sized reaching the age of majority. Within one twelvemonth of the pocket-sized reaching the age of majority. 15. Which of the following is the majority rule regarding a small- misrepresentation of his or her age? That if a competent political party relies on a misrepresentation in good faith, the small-scale gives upwards the right to disaffirm the agreement. That the pocket-sized must restore the competent political party to that party- precontract position earlier obtaining the disaffirmance. That the minor may disaffirm only that the competent party has the right to sue the minor in tort and recover damages for fraud. That misrepresentation does not affect the minor- right to disaffirm the contract. That misrepresentation results in the pocket-size receiving a render of simply half the consideration he or she supplied. sixteen. Which of the post-obit is true regarding the ability of persons suffering from a mental illness to enter into a binding contract? Persons suffering from a mental illness never have capacity to enter into a binding contract. Persons suffering from a mental illness take full capacity to enter into a binding contract so long every bit they do non present a danger to themselves or others. Persons suffering from a mental disease have full chapters to enter into a binding contract so long as they inform the other political party that they are in handling. Persons suffering from a mental illness may have full, limited, or no legal capacity to enter into a bounden contract depending on the nature and extent of their mental deficiency. Persons who suffer from a mental illness always have full chapters to enter into a binding contract. 17. Which of the following is truthful regarding an agreement to commit a crime or a tort? An agreement to commit a crime is enforceable, but an agreement to commit a tort is unenforceable. An agreement to commit a tort is enforceable, only an agreement to commit a crime is unenforceable. An agreement to commit a crime is unenforceable, and an agreement to commit a tort is unenforceable unless a concern tort is involved in which case the agreement is enforceable. An agreement to commit a crime is unenforceable except an understanding to commit white collar law-breaking in which case the agreement is enforceable; and an agreement to commit a tort is unenforceable unless a business concern tort is involved in which case the agreement is enforceable. An understanding to commit a criminal offense is unenforceable, and an understanding to commit a tort is unenforceable. xviii. If a licensing statute is intended to protect the public- health, rubber, and welfare, an agreement with an unlicensed professional person is typically accounted _____. Executed Enforceable without a fine Illegal and unenforceable Enforceable but with a fine Usury 19. The term ______ refers to the fact that an agreement is so unfair that it is void of conscience. Unreasonable Outrageous Unconscionable Unrealistic Unbelievable 20. A statement releasing one of the parties to an understanding from all liability, regardless of who is at fault or what the injury suffered is, would exist referred to as a[north] ______ understanding. Substantive agreement Adhesion agreement In pari delicto agreement Exculpatory Res Ipsa 21.Reference: â€Å"Irresponsible Teen.” Reference: â€Å"Irresponsible Teen.” At age 17, in a state in which the age of majority is 18, Sally purchased a prom dress from Formal Stuff. She wore it to the prom and then attempted to return information technology to the store claiming that she was a pocket-sized and that she was entitled to a refund. The clothes had conspicuously been worn and had a purple stain which Sally claimed was from grape juice. Additionally, a few days before she turned 18, Sally purchased a used car from Dings and Dents used cars. She had a bargain whereby she paid $100 per calendar month on the car. She drove the car and made payments for six months after she turned eighteen. Dings and Dents claimed the car was a necessity. Sally and her parents disagreed challenge that the parents were ready and willing to provide a car to Sally, and that she only purchased the motorcar from Dings and Dents because she liked that detail way and color. When purchases of the apparel and car were made, the sellers knew that Sally was under the age of 18. In the dispute between Sally and the owner of Dings and Dents, which of the following is true regarding the claim of Emerge and her parents that the motorcar was necessary? The claim will take no result considering the law does not recognize the concept of necessaries when minors are involved. Social status is ever irrelevant in addressing a claim that an item was necessary. Whether or not parents would purchase the item at issue is irrelevant in addressing a merits that an particular was necessary. A modest may not disaffirm a contract for a necessity. Fifty-fifty if a minor disaffirms a contract for a necessity, the minor will still be held liable for the reasonable value of the necessity. 22. Which of the following is a contractual party who agrees to do something for the other party? Obligor Obligee Assignor Assignee Boundee 23. What is the term for the third party who receives an assignment of contract rights? Transferor Transferee Relator Assignor Assignee 24. Which of the following is an exception to the general rule that rights to a contract cannot be assigned when a contract is personal in nature? When the merely function of a contract left to exist fulfilled is the payment. When naught has been done on the contract at all. When no more than one-half the contractual duties have been performed. When no more than three-fourths of the contractual duties accept been performed. At that place is no exception because rights to a contract that is personal in nature may generally be assigned. 25. Which of the following was the result in the case in the text Wesley Locke v. Ozark Metropolis Board of Education, in which an umpire was injured past an aroused parent and sued claiming that he was an intended third-party beneficiary under a contract the defending lath of didactics had with the Alabama High School Athletic Association requiring constabulary protection which was not provided? The umpire won as a matter of police force because of inadequate police protection. The umpire won equally a affair of police force because he was a third party beneficiary to the contract. The defending school board won as a matter of constabulary because although the umpire was a third party beneficiary to the contract, it had provided adequate protection. The defending schoolhouse lath won as a affair of law because the umpire was not a third political party beneficiary to the contract. The example was remanded for trial on the upshot of whether adequate constabulary protection was provided. 26. A party to a contract who transfers his or her duty to perform to a third party who is non office of the original contract is called a[northward] ______. Delegatee Delegator Assignor Assignee Transferor 27. Which of the post-obit is truthful regarding assignment of rights in China? Free consignment of rights is permitted. Free assignment of rights is permitted only when a contract with a state authorization is involved. Complimentary consignment of rights is permitted merely when a contract with a private party is involved unless the contract is 1 considered â€Å"for the good of the people.” Assignment of rights is illegal. When a private party is involved, the assignor must beginning become the obligor- approval before an assignment is made. 28. The ______ in a third-political party casher contract is the party to the contract who owes something to the promisor in exchange for the promise made to the third-party beneficiary. Promisee Promisor Obligor Obligee None of the above. At that place are no 3rd-party beneficiary contracts, simply 2nd-political party casher contracts. 29. Which of the following references the maturing of rights such that a political party tin can legally act on the rights? Absoluting Gelling Forming Vesting Finishing xxx. A[n] ______ casher is 1 who unintentionally gains a benefit from a contract between other parties. Incidental Creditor Donee Vested Accidental 31. What was the ruling of the court in the Case Opener involving a lawsuit by fans seeking a refund based upon the events of the Tyson and Holyfield fight? The fans were not allowed to recover because they were incidental beneficiaries. The fans were not allowed to recover considering they were donee beneficiaries. The fans were not allowed to recover because they were assigned donees. The fans were immune to recover considering they were creditor beneficiaries. The fans were allowed to recover considering they were 3rd-party beneficiaries. 32. What is the basic premise of contract law? To effectuate the expectations of the parties to an agreement To promote commerce To promote economic growth To promote interstate commerce To encourage a complimentary-market place order and greater fiscal security for the parties 33. Which of the following damages may a seller receive who sells goods to another buyer when the original buyer is in breach? The difference between the resale price and the contract price, plus incidental damages, and minus expenses saved. The difference between the resale cost and the contract price only. The difference between the resale toll and the contract price, minus expenses without any allowance for incidental damages. The deviation between the resale toll and the contract price, plus incidental amercement, with no deduction for expenses saved. Nominal amercement only. 34. Which of the following was the result in Almetals, Inc. v. Wickeder Westfalenstahl, GMBH, the case in the text involving the sale of clad metallic in which the plaintiff sued the defendant for breach of contract seeking specific performance? That specific performance was unavailable because real estate was non involved. That specific performance was unavailable because a foreign defendant was involved and jurisdiction for specific operation was, therefore, defective. That specific performance was unavailable because the appurtenances at consequence were deficient. That specific performance was unavailable considering a requirements contract was involved. That specific performance was the appropriate remedy. 35. Nether UCC 2A-525(2), when may a lessor reclaim appurtenances when a lessee in possession of the goods is in breach? When the lessor discovers the lessee is insolvent When the lessee fails to make payments according to the charter terms When the lessee has received at to the lowest degree 10 days prior notification of reclamation All of the higher up When the lessor discovers that the lessee is insolvent and when the lessee has received at to the lowest degree ten days prior notification of reclamation, just not when the lessee has failed to make payments according to the lease terms 36. Which of the following usually requires that the seller or lessor deliver the particular appurtenances identified in the contract? Accented gild Accented performance Specific functioning Specific order None of the above 37. Which of the following is true regarding revocation of accepted nonconforming goods? A heir-apparent may revoke acceptance of nonconforming goods under some circumstances, just a lessee may not. A lessee may revoke acceptance of nonconforming goods under some circumstances, but a buyer may non. Neither a buyer nor a lessee may revoke acceptance of nonconforming appurtenances. Neither a buyer nor a lessee may revoke acceptance of nonconforming appurtenances after the goods have remained accepted for a catamenia of 24 hours. A heir-apparent or lessee may revoke acceptance of nonconforming goods if, for instance, the buyer/lessee made a reasonable supposition that the nonconformity would be cured, but then the nonconformity was not cured within a reasonable time. 38. Regarding the â€Å"Case Opener,” what did the court rule regarding the liability of Abbott Industries following its supply of 1.2 meg tubes of bad eye medication to Altana, a customer, for resale? That Abbott industries was liable for the cost of the recall and destruction of the defective medication, for the costs of employee overtime, and for lost futurity sales because Altana was unable to come across its contractual obligations. That Abbott industries was liable for the toll of the recall and devastation of the defective medication, for the costs of employee overtime, and for lost time to come sales fifty-fifty though Altana was able to meet its contractual obligations. That Abbott industries was liable for the toll of the call up and devastation of the lacking medication and for the costs of employee overtime, only not for lost time to come sales because Altana was able to come across its contractual obligations. That Altana was only entitled to receive encompass, significant commutation for the lacking medication. That Altana was unable to recover annihilation because concern people take a risk that some shipments will be bad. 39. Sam contracted with Sharon, his cousin, to build a edifice to business firm Sam- new restaurant. Sam wanted the edifice completed by Oct 15th and then that he could advertise and become vacation business concern. Sam and Sharon entered into an understanding by which Sharon would pay Sam $300 per twenty-four hours for every day she was late. Which of the following is true regarding their agreement? It is known as a liquidated damages provision which volition be enforced by a court so long equally it is non then far out of reasonable range as to be punitive in nature. It is known as a penalty provision which will be enforced by a court so long as the plaintiff can constitute proof of compensatory damages in at to the lowest degree the amount of recovery requested. It is known equally a punitive damages provision which volition be enforced by a court only if wrongdoing or fraud on the function of the accused can be established. Information technology is known as a consequential amercement provision which volition be enforced by a courtroom simply if incidental damages tin exist established. Information technology is known as an invalid provision which will not be enforced. xl. What does the UCC say regarding a limitation of consequential amercement for commercial losses? A limitation of consequential amercement for commercial losses is acceptable so long as both parties are represented past an chaser. A limitation of consequential damages for commercial losses is acceptable so long as any consumer was represented by an attorney. A limitation of consequential damages for commercial losses is prima facie unconscionable. A limitation of consequential damages for commercial losses is analyzed in the aforementioned fashion equally a limitation of consequential amercement for personal injury. A limitation of consequential damages for commercial losses is non prima facie unconscionable. 41. Reference: â€Å"Missed Payments.” Robin purchased a hot tub on an installment plan and was to pay the seller monthly. Her last payment was made on Jan two, 2002. The seller brought a lawsuit against her for sums remaining on the account on January 3, 2007. Robin defended on the basis that the statute of limitations had run. The seller claimed, however, that appropriate time remained because a state police force six-year statute of limitations to collect coin on account applied. Robin also arranged to buy a personal watercraft but failed to pay the eolith to the seller, and the seller refused to evangelize the watercraft. Robin claimed that the seller was required to evangelize the watercraft and let her the opportunity to comprehend. Under the UCC, how long does a plaintiff have to bring an action for breach of contract for the sale of appurtenances once the cause of activity accrues? One year 2 years Three years Four years Five years 42. Which of the following is known as a substitute for cash? A negotiable instrument A nonnegotiable instrument A payable document A nonpayable document An endorsed payable document 43. Which of the post-obit is an instance of a negotiable instrument? Checks Drafts Promissory notes Check, drafts, and promissory notes Checks and drafts, but non promissory notes 44. Documents used as payments to facilitate commercial transactions were originally generically called ______. Negotiable instruments Commercial paper Promissory newspaper Commerce notes Payment notes Top of Form 45. Which of the following was the issue in New Moving ridge Technologies, Inc. 5. Legacy Bank of Texas, the case in the text involving whether checks were fabricated payable jointly or alternatively? That no ambivalence was involved and that the use of a dash (or virgule) meant that the checks were payable alternatively. That no ambiguity was involved and that the statement on the back of the checks that each payee was required to endorse the musical instrument meant that it was payable jointly. That no ambiguity was involved and that the apply of a dash (or virgule) meant that the checks were payable jointly. That there was ambiguity resulting in negotiability being destroyed. That in that location was an ambiguity resulting in the musical instrument being construed as existence paid alternatively. 46. What does the term "float" in cyberbanking reference? The time information technology takes for a cheque to go through the traditional check-clearing process and be paid. The time it takes for a bank potency to written report a bad check to the issuing bank. The time it takes to convert a nonnegotiable musical instrument to a negotiable instrument. The time information technology takes to convert a time instrument to a demand instrument. The time information technology takes to convert a demand instrument to a time instrument. 47. Which of the following is a promise made by a bank to pay a payee a certain amount of coin at a future time? A note A draft A novation A bank check A certificate of deposit 48. A certificate of deposit is a ______ of the bank. Notation Draft Novation Check Promissory contract 49. A ______ is a specific typhoon, fatigued past the owner of a checking account, ordering the bank to pay the payee from that drawer- account. Promissory contracts Certificates of deposits Note Check Time instrument 50. Which of the following is true regarding the UCC- signature requirement for a negotiable instrument? The signature must be the actual name of a person, and an "X" will suffice if the party intended that the mark be placed on the instrument and uses that mark to identify himself. A signature may be made past ways of a device or machine. A signature may be fabricated manually. The signature of an amanuensis on behalf of the main binds the primary and satisfies the signature requirement. All of the in a higher place. 51. When is a need instrument, such every bit checks, payable? As soon as it is issued. Twenty-four hours afterward it is issued. Two days after it is issued. At midnight the day it is issued. Ane hr after it is issued. 52. In the process of negotiation, what is meant by the term "commitment"? The physical handing of an instrument from someone entitled to it to the person intended to receive it. The physical handing of an instrument from someone entitled to it to the person intended to receive it along with a warranty that the instrument is collectible. The concrete handing of an instrument from someone entitled to information technology to the person intended to receive it along with a warranty that the musical instrument is collectible and that it qualifies as a negotiable instrument. The concrete handing of an instrument from someone entitled to it to the person intended to receive information technology along with a warranty that it qualifies as a negotiable musical instrument. None of the above. 53. For negotiation, which of the following types of paper require only a delivery of the instrument to the holder by the payee? Bearer Delivery Club Transfer Acknowledgement 54. Which of the following is the payee- or terminal endorsee- signature and nothing else? A special endorsement. An allonge. A bare endorsement. A qualified endorsement. A restricted endorsement. 55. A(n) ______ endorsement is the endorser- signature forth with a named endorsee. Bare Allonge Qualified Special Specific 56. Which of the following types of endorsements effort to either limit the transferability of the instrument or control the manner of payment nether the instrument? Bare qualified. Special qualified. Restrictive. Conditional. Trust. 57. Which of the following may endorse an instrument made payable to a legal entity, such as a partnership? The managing partner only. The financial officer only. The bookkeeper only. The treasurer only. Whatever authorized representative. 58. Which of the following is a political party who is in possession of an instrument that is payable to the political party or to the bearer of the instrument? A holder. A bearer. A payee. An issuer. A transferee. 59. Which of the following is true regarding the concept of negotiable instruments in Nihon? The police governing securities in Japan is technical with little ambiguity or capricious application. The Japanese recognize the legal concept of yuka shoken, which means â€Å"valuable securities.” The Japanese take a unmarried definition governing securities. All of the above. None of the in a higher place. The Japanese Commercial Code recognizes the term â€Å"negotiable instrument” and applies it in much the same way as is done in the U.S. sixty. Susan purchased a refrigerator from ABC Appliance store for $800. She takes the refrigerator dwelling house and discovers that it is defective. She calls ABC Appliance store and tells them that she would like to return the fridge. ABC Appliance store tells her that they take assigned the promissory annotation she provided the store in order to purchase the refrigerator to a finance company and that the finance company is a holder in due course. Which of the following is true regarding the rights of parties? The finance company is subject to the defenses of Susan because of the Federal Trade Commission rule created to protect consumers. ABC Appliance store is correct in that Susan cannot assert her defenses confronting the finance company. Susan can affirm her defenses against the finance company simply if she can prove that the finance visitor had knowledge that ABC Appliance store sold lacking equipment from fourth dimension to time. Susan can affirm her defenses against the finance visitor merely because she gave notice of the problem within 5 days of the auction. Susan can assert her defenses against the finance company only if she agrees to intervene the dispute. 61. Reference: â€Å"Lost Check.” Susan Jones teaches business concern police force at Larn-A-Lot University. Larn-A-Lot requested that all of the teachers inquire the students to vesture T-shirts with â€Å"Learn-A-Lot University Football” printed on the front end on the day of the first football game. All of the teachers are asked to sell the shirts in class. A student, Bobby, wrote a check to Susan for $x for payment for one of the shirts. Bobby, nonetheless, put Susan Jones every bit the payee. Susan wanted to turn the check over to the school, and then on the back of the cheque, she wrote, â€Å"Susan Jones, without recourse.” She then gave the cheque to the treasurer for Learn-A-Lot University. Unfortunately, the treasurer for Larn-A-Lot dropped the bank check on the ground as she was going to the bank. A pupil, Shifty, found the check and promptly took it to the bank and cashed it. The treasurer, Bernice, did non want to get into problem, and so she asked Susan to personally cover the check because she said that Susan had endorsed the bank check on the back guaranteeing payment. Would the school be able to require that Susan cover the amount of the cheque based on the law of negotiable instruments? Yes, because she signed on the back with a blank unqualified endorsement. Yes, because she signed on the back with a special qualified endorsement. Yep, because she signed on the dorsum regardless of the type of endorsement. No, considering she signed on the dorsum using the words, â€Å"without recourse.” No, because the bank check was not properly delivered to Shifty. 62. Which of the following is a type of liability arising on an instrument when the transfer of the instrument breaches a warranty associated with the musical instrument? Warranty liability Payee liability Signature liability Primary liability Secondary liability 63. Which of the following party must pay, without regard to any other party, the stated amount of an instrument when it is presented for payment? A political party who is secondarily liable. A party who is a drawer and a political party who is secondarily liable. A party who is an endorser. A political party who is a drawer or an endorser. A party who is primarily liable. Tiptop of Class 64. Which of the following party (drawee) accepts and signs the draft to concord to pay the draft when information technology is presented? Maker Acceptor Drawer Endorser Promisor 65. Which of the post-obit is a personal identifier that can be broken into an electronic code? A screen name A digital signature A lawmaking signature An identified signature A maker signature 66. When a holder presents an instrument in a timely and proper manner, only acceptance or payment is refused, the musical instrument has been ______. Destroyed Dishonored Converted Rejected Refused 67. Which of the following is truthful regarding the liability of an accommodation party? As a maker, an accommodation party has principal liability; but, as an endorser, the party has secondary liability. An adaptation party has primary liability both as a maker and as an endorser. An accommodation party has secondary liability both as a maker and every bit an endorser. An adaptation party has master liability as either a maker or endorser only if all other parties to the musical instrument have filed bankruptcy. An accommodation party has primary liability as a maker merely if all other parties have filed bankruptcy, and secondary liability in whatever other instance regardless

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