What Does It Mean for Liability on a Negotiable Instrument

question 13

Multiple Choice

What does it mean for liability on a negotiable instrument to be secondary liability?

• A) The liability is for a small amount.
• B) The liability arises only if the party with primary liability defaults and does not pay.
• C) There are two parties to share the secondary liability.
• D) It means that the liability relates to a two-party negotiable instrument.
• E) It means that the party only owes one-half of the debt

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Definitions:

DMSO

Dimethyl sulfoxide, a polar solvent with the formula (CH3)2SO, known for its ability to penetrate biological membranes and used in various chemical and pharmaceutical applications.

Nucleophilic

Describes a chemical species that donates an electron pair to an electrophile to form a chemical bond in a reaction.

Solvolysis

The decomposition of a chemical compound by reaction with a solvent.

Aqueous Ethanol

A solution where ethanol is dissolved in water, commonly used as a solvent in various chemical reactions and processes.