QUESTION $22$

Roderick negotiates a bearer instrument to Shauna by

A$.$ selling it to her for valuable consideration.

B$.$ indorsing it and delivering it to her.

C$.$ delivering it to her.

D$.$ by promising her he will honor or pay it when it is due.

QUESTION $23$

Dirk transfers a note by signing it and delivering it to Edwina. Dirk is

A$.$ a holder.

B$.$ an indorser.

C$.$ a payor.

D$.$ a promisor.

QUESTION $24$

Meghan obtains a check payable to her order from Eugenia. Meghan signs the back and adds the notation "without recourse." This is a:

A$.$ qualified indorsement.

B$.$ nonsense.

C$.$ a limited indorsement.

D$.$ blank indorsement.

QUESTION $25$

Bowie is a holder of a promissory note obtained from Credit Lenders, Inc. Regarding the defenses against payment of the note to which Credit Lenders is subject, Bowie, as an ordinary holder, is subject to

A$.$ the exact same defenses because he stepped "into their shoes."

B$.$ only real or universal defenses they would have been subject to$.$

C$.$ none of the same defenses they would have been subject to$.$

D$.$ some of the same defenses they would have been subject to$,$ but, only if he gave value for the note.