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Legal Environment of Business There are two assignments in this one post. These assignments are only a paragraph in length and are informal. Assignment 1: Checks are negotiable instruments. Are they obsolete? Assignment 2: Find a cartoon clip or comic strip that relates to this week’s topics. Post a link and explain in one to three sentences how it relates to the topic. Here is an example from a play I like. Fiddler on the Roof: Horse or Mule? NOTE: Below is for reference only! To give you an idea as to this week’s material is: Objectives After completing this module, you should be able to answer the following questions and apply what you have learned to hypothetical fact patterns. What is the perfect tender rule? What are some important exceptions to this rule? When will a buyer or lessee be deemed to have accepted the goods? What remedies are available to a seller or lessor when the buyer or lessee breaches the contract? When can a buyer or lessee revoke acceptance? What implied warranties arise under the UCC? What requirements must an instrument meet to be negotiable? How does the negotiation of order instruments differ from the negotiation of bearer instruments? What are three basic requirements for attaining the status of a holder in due course (HDC)? What is the difference between signature liability and warranty liability? What four defenses can be used against an ordinary holder that are not effective against an HDC?

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