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:

Socially Optimal Price

The pricing point where the societal benefits of consuming a good or service equal the societal costs of providing it, leading to an efficient allocation of resources.

Deadweight Loss

A loss of economic efficiency that occurs when the equilibrium for a good or a service is not achieved or is unattainable.

Graphically Depict

To represent data or information visually using charts, graphs, or other pictorial forms.

Deadweight Loss

The loss of economic efficiency that can occur when the free market equilibrium for a good or a service is not achieved or is distorted by external intervention.