Ranjit Currently Has Possession of a Cheque That Was Created

question 24

Multiple Choice

Ranjit currently has possession of a cheque that was created by Maura.Although Maura created that cheque on January 1,the instrument is dated June 1.The cheque originally was payable to Nora.The cheque now bears endorsements by Nora and Shelley.Maura,Nora,Shelley,and Ranjit are the only parties that have dealt with the cheque.Which of the following statements is TRUE?

• A)Ranjit may be a holder in due course even if he did not personally provide consideration to anyone.
• B)Ranjit cannot be a holder in due course if today's date is July 1.
• C)Ranjit cannot be a holder in due course unless Shelley was a holder in due course.
• D)Ranjit cannot be a holder in due course if he received the cheque when it was in bearer form.
• E)Maura may be the drawee of the cheque.

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Definitions:

Legally Subordinate

Refers to a legal status where an entity or individual is considered to have fewer rights or powers in comparison to another in a given legal context.

Planter Class

A social and economic class in the antebellum South, composed of wealthy landowners who owned plantations and many slaves.

Paternalistic

An approach or system where individuals in positions of authority restrict the freedom and responsibilities of those subordinate to them, purportedly in the latter's best interest.

Cultural Influences

The impact that one culture or society has on another, often leading to changes or developments in language, customs, values, and art.