At 1 AM, in Front of EZ Credit Corporation, Which Is Closed

question 59

Multiple Choice

At 1 A.M., in front of EZ Credit Corporation, which is closed, Frey buys a $500 promissory note for $50 from Greco. When presented with Frey's demand for payment, Diaz, the maker of the note, could successfully claim that Frey

• A)acquired the note with notice that it was overdue.
• B)did not acquire the instrument in good faith.
• C)did not give value for the instrument.
• D)none of the choices.

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Definitions:

Treasurer

An officer of a company or organization responsible for overseeing the management and regulation of its financial affairs.

Bylaws

The rules and regulations established by a corporation or other organization that govern its operations and management.

Corporate Governance

The system of rules, practices, and processes by which a company is directed and controlled, focusing on the relationships among the management, board of directors, shareholders, and other stakeholders.

Double Taxation

A taxation principle where income is taxed at both the corporate level and again at the individual level on dividends received.