Marshall Franks purchased $1,050 worth of inventory for his business from Micro Enterprises. Micro insisted on the signature of Franks* former partner, Hobart, before credit would be extended. Hobart reluctantly signed. Franks delivered the following Instrument to Micro: January 15, 1980, We, the undersigned, do hereby promise to pay to the order of Micro Enterprises, Inc., One Thousand and Fifty Dollars ($1,050.00) on the 15th of April, 1980. Marchall Sirack Marshall Franks Norman Hobart - Memo: N. Hobart signed as an accommodation for Franks Franks defaulted on the due date. Which of the following is correct?

a. The instrument is non-negotiable.

b. Hobart is liable on the instrument but only for $525.

c. Since it was known to mucro that Hobart signed as an accommodation party micro must first proceed against Franks

d. Hobart is liable on the instrument for the full amount and is obligated to satisfy it immediatley upon default