What is the importance of placing the words "order" or "bearer" on an instrument?
The words "order" or "bearer" allow the instrument to be passed on (circulated) from the original payee to others. The instrument can circulate like money. Without the words "order" or "bearer" the instrument is nonnegotiable meaning the originator of the document would be able to pass it to the payee of the instrument but in turn the payee would not be able to legally pass on the instrument to anyone.
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Which of the following refers to the exporting of goods or services to consumers in another country?
What will be an ideal response?
Kenneth purchased a car from his local dealership, Quartent Cars
However, since the car was not available in the color that Kenneth favored, the sales contract stipulated that Kenneth could immediately pick up the car of his preferred color from a nearby warehouse. The warehouse was owned by Mr. Henderson. Kenneth received the document of title for the car upon payment and presented it to Mr. Henderson a week later. But Mr. Henderson informed Kenneth that the car was damaged during a fire at the warehouse. According to the UCC, which of the following parties holds the risk of loss for the damage caused to the car? A) The risk is to be borne by Kenneth. B) Mr. Henderson has to take up the loss. C) Quartent Cars must take the risk of loss. D) The risk is to be borne jointly by Mr. Henderson and Quartent Cars.