What Does It Mean for Liability on a Negotiable Instrument

question 70

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.

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Definitions:

Custom-Made

Products or goods that are specifically designed and made according to the customer's specifications.

Cuffs

The end part of a sleeve, where the material of the garment is turned back or a separate band is sewn on.

Trousers

Clothing items worn from the waist to anywhere between the knees and the feet, covering each leg separately.

L.E.D. Signs

Electronic displays that use light-emitting diodes to create text, images, or video messages, commonly used for advertising or information dissemination.