Question
John signs a promissory note in favor of Carl that states, I promise to pay Carl the sum of $500 on demand. Carl gives the
John signs a promissory note in favor of Carl that states, "I promise to pay Carl the sum of $500 on demand." Carl gives the note to Sally in exchange for a television set. Which of the following is true?
A. Real defenses may be asserted against Sally.
B. Sally isn't a holder.
C. Personal defenses may not be asserted against Sally.
D. Sally is a holder in due course.
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Answer B Sally isnt a holder Explanation A negotiable promissory not...
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Business Law Text and Cases
Authors: Kenneth W. Clarkson, Roger LeRoy Miller, Gaylord A. Jentz, F
11th Edition
324655223, 978-0324655223
