A Holder Is a Party in Possession of an Instrument

question 22

Multiple Choice

A holder is a party in possession of an instrument that "runs" to him.An instrument runs to a party if it is:

• A) payable to his or her order.
• B) bearer paper.
• C) indorsed to him or her.
• D) all of the above.

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Definitions:

Rival In Consumption

Describes a good or service whose consumption by one individual prevents simultaneous consumption by other individuals, making it exclusive in nature.

Common Resource

A resource like fish stocks, forests, or clean air, that provides users with tangible benefits but is susceptible to overuse and depletion.

Public Good

An offering of products or services to every member of society at no cost, provided by either governmental bodies or private organizations, without aiming for financial gain.

Not Excludable

A characteristic of certain goods where it is not feasible to prevent individuals from consuming the good, such as public parks.