Use of applicable legal terms answer the following questions

1. When does title pass in a sales contract? Explain

2. Can an order instrument become a bearer instrument and visa-versa? Explain.

3. Compare and contrast holder and assignee?

4. Assume you borrow money from a family friend and, as part of the oral contract, you agree to provide accounting services. Would this loan be a negotiable instrument. Explain.

5. Compare and contrast repossession and foreclosure.

6. How can a seller limit their warranty liability on the sale of goods?

7. How can an endorser limit their liability on an order instrument? Explain.

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