Jill, in Good Faith and for Value, Gets from Kiley

question 48

Multiple Choice

Jill, in good faith and for value, gets from Kiley a negotiable bearer instrument. Jill does not know that Kiley stole the instrument. Jill is​

• A) an HDC.​
• B) ​not an HDC, because Kiley did not acquire the instrument for value.
• C) ​not an HDC, because Kiley did not acquire the instrument in good faith.
• D) ​not an HDC, because the instrument is a bearer instrument.

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Definitions:

Receiving Report

The form or electronic transmission used by the receiving personnel to indicate that materials have been received and inspected.

Supplier's Invoice

A document issued by a supplier listing the products or services provided, their quantities, and the agreed prices, to request payment from the buyer.

Purchase Order

The purchase order authorizes the purchase of the inventory from an approved vendor.

Ledger

A group of accounts for a business.