Hugh recently purchased a motorcycle for $3,000 but has had extensive problems starting the motor. In disgust at not being able to start the motor, Hugh shouts to his friends, "Any of you want to buy this thing for $20?" A contract will be formed if a friend gives Hugh a twenty-dollar bill.

Which of the following should you look for when proofreading for missing elements?

A) Missing source notes
B) Incorrect margins
C) Problems with column sizing and spacing
D) Font selection
E) Inactive links

Negotiability invests negotiable instruments with a high degree of marketability and commercial utility by allowing them to be freely transferable and enforceable by a person with the rights of a holder in due course against a person obligated on the instrument.

LIFO's tax advantage is that

A) it provides a higher net income than FIFO during periods of rising prices and nondecreasing inventory quantities.
B) it provides a lower net income than FIFO during periods of rising prices and nondecreasing inventory quantities.
C) it provides a lower net income than FIFO during periods of falling prices and nondecreasing inventory quantities.
D) it provides a lower net income than FIFO during periods of rising prices and decreasing inventory quantities.

In San Francisco there are many retail clothing stores. Each store is slightly different from every other store. Retail clothing stores are an example of what market structure?

A) perfect competition
B) monopolistic competition
C) oligopoly
D) monopoly

References to other agreements in negotiable instruments:

A) destroy negotiability unless the recital makes the instrument subject to, or governed by, the terms of another agreement.
B) do not destroy negotiability in any circumstances.
C) do not destroy negotiability unless the recital makes the instrument subject to or governed by the terms of another agreement.
D) destroy negotiability in all circumstances.