Ms. V, a wealthy art collector in Country W, is interested in buying a rare painting from Mr. Y in Country Z. Both parties agree that the price is to be determined by an independent appraiser.

V informs Y that she will send her agent, X, with a check to collect the painting. V draws a check payable to Y but leaves the amount blank. She gives the check to X and instructs him to deliver it to Y. Without authority, X fills in the amount for $1 million and presents it to Y, who has, in the meantime, received the appraisal. The appraised price is $750,000. X tells Y that Ms. V had made the check out for $1 million to ensure that it will exceed the appraisal price, and that V has instructed X to return with the painting and the difference in cash. Y gives X the painting and $250,000. X delivers the painting but then disappears with the $250,000 in cash. When V discovers what has happened, she stops payment on her check and offers to pay Y

$750,000 for the painting. Y insists that V must pay the check’s full face value of $1 million. Is Y correct? mk5 Effect of Alteration of the Instrument