Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Carlos borrowed $100 from his friend, Juanita Carlos signed a handwritten note stating. I promise to pay $100 to the order of Juanita. Under these

image text in transcribed
image text in transcribed
image text in transcribed
Carlos borrowed $100 from his friend, Juanita Carlos signed a handwritten note stating. "I promise to pay $100 to the order of Juanita. Under these circumstances, the note is Multiple Choice negotiable because it meets all the requirements for negotiability not negotiable because it does not acknowledge the reason for the debt not negotiable because it does not state the time payment is due negotiable because it is a simple contract Ricardo borrowed $5,000 from his friend. Lorenzo, Ricardo signed a handwritten note stating, "I promise to pay $5,000 to Lorenzo ono before August 1, 2001, in return for the same amount borrowed from him on May 1, 2001." Under these circumstances, the note is Multiple Choice o not negotiable because the note is not payable to bearer or to order not negotiable because the note states the reason for the debt o negotiable because it was handwritten negotiable because it is a simple contract Bella contracted with Marco Furnishing to complete the work on her house by November 1, 2013. She gave Marco a negotiable promissory note in the amount of $20,000 payable to the order of Marco on November 1. Marco then negatiated the note to the bank. He, however, could not complete the work by November 1. In this scenario, which of the following statements is true if the bank is able to qualify as a holder in due course Multiple Choice Bella is not liable to the bank becouse Marco breached the contract, not her Bella cannot assert personal defense against the bank and avoid payment as it was a negotiation, and not a simple contract The bank con collect the amount from Marco because he negotiated the note to the bank The bank can be held able by Bello if she asserts personal defente 800 nst the bank as Marco did not complete the work on

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Exchange Rate Chaos 25 Years Of Finance And Consumer Democracy

Authors: Geisst, Charles R.

1st Edition

0415109817, 9780415109819

More Books

Students also viewed these Finance questions