QUESTION 15 15) All the following conditions release an endorser from liability EXCEPT: A) an invalid tender of payment by a prior party. B) the release of a prior party's obligation or the release of the debtor. C) the intentional cancellation of the endorser's signature by the holder. OD) any act that completes the negotiation of the instrument, such as payment. QUESTION 16 16) in order to ensure negotiability, the Uniform Commercial Code assumes that the endorser is the true owner of the paper. If he or she found or stole the paper and transferred it to another by endorsement, the A) endorser is liable for any loss suffered by the endorsee B) law provides a jail term to the endorser, but not compensation to the endorsee C) endorser is able up to $500 for the loss suffered by the endorsee D endorsee cannot seek any remedy from the endorser. QUESTION 17 17) The party who has taken commercial paper in good faith and for value, before maturity, and without actual or constructive notice of any defects in the instrument is an): A) incorporator B) endorser of the instrument. holder in due course Di drawer 19) of a completed negotiable instrument comes into the possession of an immediate party the payee indicated on the instrument before the maker or drawer has delivered it, then the Al drawer only can collect on the instrument. payee can collect on the instrument payer only can collect on the instrument Djpayee cannot collect on the instrument QUESTION 5 5) The parties involved in a draft or a check have particular names. The person who receives the money is called the: A) payee. B) drawer C) holder D) payer