Examlex
Which of the following statements is correct?
Authentic
Genuine, original, and not a copy or imitation; true and accurate.
Consideration
Something of value that is exchanged between parties in a contract, making the agreement legally binding.
Personal Defense
A defense that can be used to avoid payment to an ordinary holder of a negotiable instrument but not a holder in due course (HDC) or a holder with the rights of an HDC. Personal defenses are also called limited defenses.
HDC
Stands for Holder in Due Course, referring to a party that has acquired a negotiable instrument for value, in good faith, and without notice of any defects.
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