Edna Is the Payee of a Bearer Instrument-A Promissory Note

question 2

Multiple Choice

Edna is the payee of a bearer instrument-a promissory note in the amount of $10,000. Flem offers to irrigate Edna's ranch next week in exchange for the note. She agrees and delivers the note to Flem. Flem is

• A)an HDC, because he promised to perform services at a future date.
• B)an HDC, because the transferor was the original payee on the note.
• C)not an HDC, because he did not acquire the instrument in good faith.
• D)not an HDC, because he did not yet give value for the instrument.

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Definitions:

Efficient

Achieving maximum productivity with minimal wasted effort or expense, often used in the context of production and allocation of resources.

Supply Of Labor

The total number of workers willing and able to work in an economy, including both employed and unemployed individuals actively seeking jobs.

Demand For Labor

The desire or need for employees by employers, determined by the wage rate and the level of production required by the firm or economy.

Price Floor

A government or regulatory-imposed minimum price for a good or service, intended to ensure that the market price does not fall below a certain level.