Like the prior edition published in 2003, this edition of Questions and Answers: Payment Systems uses multiple-choice and short-answer questions to test students? knowledge of the dominant bodies of law applicable to the common forms of payment, such as checks, notes, credit cards, debit cards, wire transfers, and letters of credit, including Articles 3, 4, 4A, and 5 of the Uniform Commercial Code, selected provisions of the Consumer Credit Protection Act (Truth in Lending Act), and a few federal regulations. The Second Edition explores many of the same, as well as numerous new, payment systems issues through either previous questions that have been revised, or many new questions. As with the First Edition, the hallmark of the learning process in the Second Edition comes through the exhaustive and detailed answers, which seek to explain not only why a particular response is correct, but why other responses are incorrect.

The Second Edition covers the following topics:

• Negotiable Instruments: Definitions, Basic Principles
• Negotiable Instruments: Persons entitled to enforce;
• Defenses to payment; Holder in Due Course Doctrine
• Negotiable Instruments: Forms of Liability on notes, ordinary checks, and bank checks
• Negotiable Instruments: Forgery; Conversion;
• Alteration; Imposters
• The Check Collection System
• Fund Transfers (Consumer)
• Fund Transfers (Wholesale)
• Credit Cards
• Letters of Credit