Which of the Following Was the Result in Michael J

question 82

Multiple Choice

Which of the following was the result in Michael J. Kane, Jr. v. Grace Kroll, the case in the text in which the defendant issued a check to the plaintiff to cover the plaintiff's sale of cows to the defendant's son, but later stopped payment on the check because her son said he could not repay her?

• A) The plaintiff was not allowed to recover because the stop payment order prevented the plaintiff from being a holder in due course.
• B) The plaintiff was not allowed to recover because, although he was a holder in due course, the stop payment order negated his entitlement to payment.
• C) The plaintiff was not allowed to recover because the defendant established a lack of consideration to her.
• D) The plaintiff was allowed to recover on a contract theory although he was not a holder in due course.
• E) The plaintiff was allowed to recover because he was a holder in due course.

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Definitions:

Journal Entry

A record in the books of accounts that logs financial transactions, including debits and credits, in chronological order.

Credit Terms

Conditions under which a seller will extend credit to a buyer, including the repayment time frame, discount for early payment, and interest rate.

Early Payment

A repayment of a loan or debt made before the due date, often to reduce interest costs.

Invoice Paid

A document or bill that has been settled or paid in full.