Charles Executes a Note Payable to Hilarie for $1,000 for Goods

question 59

Multiple Choice

Charles executes a note payable to Hilarie for $1,000 for goods she purchased from him.Hilarie transfers the note to Lucas,who pays $850 for the note.By doing this,which requirement for acquiring the holder in due course status does Lucas meet?

• A) taking for value
• B) taking in good faith
• C) taking without notice
• D) taking where there is no evidence of forgery, alteration, or irregularity

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Definitions:

Broader Market

Refers to a wide and diverse range of buyers and sellers in an extensive market beyond niche or specific industry segments.

Dollar General

A chain of variety stores in the United States known for selling items at low costs, often in rural and suburban areas.

Discount Stores

Retail outlets that sell products at prices lower than those asked by traditional retail stores, often through selling in bulk or reducing overhead costs.

Low-Cost

A pricing strategy or characteristic indicating that something is relatively inexpensive or cheaper than alternatives.