[Roommate Troubles] Dexter, Bernard, and Garren Were Roommates Who Do

question 48

Multiple Choice

[Roommate Troubles] Dexter, Bernard, and Garren were roommates who do not get along and decide to go their separate ways when their lease expires on May 31. Dexter owes Bernard $500 and signs a promissory note that he will pay Bernard $500 by July 1. Bernard, who owes Garren money, endorses the back of the note and writes "Pay to the order of Garren" on the back and gives the note to Garren. On July 2, Garren tells Dexter that Bernard signed the promissory note to him, so Dexter should just pay Garren the $500. Dexter refuses to pay Garren anything. Garren then tells Bernard that Dexter dishonored the note and sues Bernard for the value of the note.
-Did Dexter dishonor the promissory note?

• A) Yes.
• B) No, although Garren met the requirements for presentment and Dexter refused to pay, he did not explicitly dishonor the note.
• C) No, Garren only told Dexter about the promissory note and never exhibited the promissory note to Dexter, therefore there was no presentment and Dexter did not dishonor the note.
• D) No, Garren did not present the note in a timely manner, therefore Dexter did not dishonor the note.
• E) No, Garren was not a proper party, therefore Dexter did not dishonor the note.

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Definitions:

Management Inventory

An individualized personnel record for managerial, professional, or technical personnel that includes all elements in the skills inventory with the addition of information on specialized duties, responsibilities, and accountabilities.

Additional Information

This term refers to extra or supplementary data provided beyond what was originally given or required.

Stochastic Probability

Involves randomness and uncertainty, it is the probability approach used to model and predict outcomes in situations where exact outcomes are unpredictable.

Transitional Probability

Calculated as the proportion of employees, or the number of employees who have historically resided in a given employment state divided by the total number of employees in the job. The transitional probability of termination for a job that has 10 employees and historically has seen 2 leave every year is 2/10, or 20 percent.