A promissory note is:
A. evidence of the debt
B. evidence of a sale
C. a security interest in the property for the lender
D. the same as a mortgage or trust deed
Answer: A. evidence of the debt
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Approximately 40 percent of monies spent on alternative media in the United States was in the category called online/mobile. This category consists of the following, except:
A) lead generation B) product placement C) online display and video ads D) mobile phone ads
Bob Gates, aged 16, looks 19. He is also mentally incompetent, but it is not obvious that he is. Bob buys a top of the line computer from a salesperson, who has no idea that he is under age and incompetent. Bob paid $3,800 cash for the computer
On what grounds can Bob cancel the contract? A) Mental incompetency alone B) Because he is a minor C) Because he paid cash for the computer D) Both A and B E) A, B and C