Ranjit Currently Has Possession of a Cheque That Was Created

question 54

Multiple Choice

Ranjit currently has possession of a cheque that was created by Maura. Although Maura created that cheque on January 1, the instrument is dated June 1. The cheque originally was payable to Nora. The cheque now bears endorsements by Nora and Shelley. Maura, Nora, Shelley, and Ranjit are the only parties that have dealt with the cheque. Which of the following statements is TRUE?

• A) Ranjit cannot be a holder in due course if he received the cheque when it was in bearer form.
• B) Ranjit cannot be a holder in due course unless Shelley was a holder in due course.
• C) Ranjit may be a holder in due course even if he did not personally provide consideration to anyone.
• D) Maura may be the drawee of the cheque.
• E) Ranjit cannot be a holder in due course if today's date is July 1.

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Definitions:

Discharged by Agreement

A situation where the parties involved decide to release each other from the obligations of a contract, effectively ending the contract.

Operation of Law

Changes in legal rights or obligations that occur automatically due to established legal rules, without the need for action by the parties involved.

Discharged

Refers to the completion or termination of an obligation or responsibility, such as a debt being paid off or a contractual duty being fulfilled.

Frustration of Purpose

A legal doctrine that excuses a party from fulfilling a contract when an unforeseen event undermines the contract's original reason.