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Question 17 0 out of 1 pointsJohn is a holder in due course of a check. John goes to the drawee bank, Last Chance Bank, to cash the check. What is the liability of Last Chance?Question 18 1 out of 1 pointsKent Weston wrote a check for $500 payable to the order of Chester Jones. Chester indorsed the back of the check as follows: "Chester Jones." The check is now:Question 19 0 out of 1 pointsLance indorses a promissory note to Connie in exchange for consideration. Unknown to Lance, the note is not good because the maker's signature was forged. Connie laterattempts to present the instrument for payment to the original alleged maker, Lilly, who is able to deny liability for payment due to the forged signature. Connie may latersue Lance for breach of a transfer warranty.Question 20 1 out of 1 pointsMaia wrote a check which said, “Pay to the order of Kevin Mathews $10.97.” The next line of the check stated, “One thousand ninety-seven Dollars.” In applying the rules of interpretation, how much should the drawee pay?Question 21 1 out of 1 pointsMargo is in possession of a check issued to her by Felix. The check states, "Pay to the order of Margo." If Margo wishes to transfer the check to Pete to pay a debt she owes him, all she needs to do is strike out her name on the front of the check, write in Felix’s name and give it to him.
WorkfileContents.docxQuestion 22 1 out of 1 pointsMona co-signs a promissory note with her daughter Beth so Beth can purchase her first car. Mona will be discharged from her obligation on the note:Question 23 0 out of 1 pointsNelson writes Leah a check for mowing his lawn. Leah deposits the check in her bank, but it is not paid by Nelson’s bank. Leah calls Nelson to notify him that her bank returned his check to her unpaid. Leah’s notice of the dishonor is insufficient; she must provide written notice.Question 24 0 out of 1 pointsPersonal and real defenses are valid against an ordinary holder, only real defenses canbe used against a holder in due course.Question 25 0 out of 1 pointsSophie issues a promissory note made "payable to the order of Molly." Molly indorses the note by signing her name and gives the note to Dana. Which of the following is correct?