Tom Indorsed a Check Made Payable to the Order of Tom

question 19

Multiple Choice

Tom indorsed a check made payable to the order of Tom Jones as follows:
Raymond negotiated the check to his landlord for his rent.Raymond indorsed the check as follows:
With regard to Tom's indorsement,which statement is correct?
Pay Raymond Berry
/s/ Tom Jones
Without Recourse
/s/ Raymond Berry

• A)Tom has secondary contractual liability on the check as an indorser.
• B)Tom has no contractual liability on the check because he is the payee.
• C)Tom has primary contractual liability on the check as payee.
• D)Tom eliminated his liability as an indorser by the type of indorsement he used.

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Definitions:

Capacity Elements

Components or factors that determine the capability of an individual or organization to achieve its objectives.

Capacity Building Activities

Initiatives designed to strengthen the skills, competencies, and abilities of nonprofits and their staff, enhancing their ability to fulfill their missions.

Nonprofit Organizations

Organizations that operate for the collective, public, or social benefit, rather than focusing on generating profits for owners or investors.

PEST Analysis

A strategic business tool used to evaluate the external macro-environmental factors - Political, Economic, Social, and Technological - that could impact an organization.