To be a holder in due course, a person must take an instrument for value or as a gift.

.True

b.False

A person who acquires an instrument as a gift can be a holder in due course.

.True

b.False

A who takes an instrument in exchange for promising to do something in the future does not give value.

.True

b.False

A person who purchases an instrument for less than its face value can never be a holder in due course.

.True

b.False

A holder who takes an instrument in payment of an existing debt is a holder for value.

.True

b.False

A definition of "good faith" in the UCC includes "honesty in fact in the transaction."

.True

b.False

Taking a note at a large discount will always establish lack of good faith.

.True

b.False