A(n) ________ Is a Party in Possession of an Instrument

question 2

Multiple Choice

A(n) ________ is a party in possession of an instrument that is payable to the party or to the bearer.

• A) endorsee
• B) bearer
• C) payee
• D) trustee
• E) holder

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Definitions:

Good Faith

The principle of honesty and sincerity in dealings and transactions, free of intent to deceive or defraud.

Complete Performance

The full and exact fulfilment of contractual obligations or tasks as agreed.

Expressly Stated

Clearly and specifically declared or written, leaving no room for doubt or interpretation.

Fully Satisfied

A state where all conditions or obligations have been met or fulfilled to the complete satisfaction of all involved parties.