(Figure: Fishing Charters and Parachute Jumps I) Francis spends his income on fishing charters and jumping out of airplanes. Which of the following statements is TRUE? 
Definitions:
Negotiable Instrument
An instrument in writing that, when transferred in good faith and for value without notice of defects, passes a good title to the instrument to the transferee.
Contract of Carriage
An agreement between a carrier and a shipper for the transport of goods or passengers.
Title Document
Legal paperwork that proves ownership of a particular asset, such as real estate or a vehicle.
Special Import Measures Act
Legislation aimed at providing protection to Canadian industries against unfair trade practices such as dumping and subsidization by foreign companies.
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