Which of the Following Is Not a Requirement for Becoming

question 42

Multiple Choice

Which of the following is not a requirement for becoming a holder in due course?

• A)The party must be a holder of a complete and authentic negotiable instrument.
• B)The holder must take the instrument for value.
• C)The holder must take the instrument in good faith.
• D)The holder must take the instrument without notice of defects.
• E)The holder must either pay for the instrument or receive it as a gift.

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Definitions:

Indefinite Proposal

An offer in a contract that lacks specific, clear, and definite terms, making it unenforceable.

Offer

A proposal presented by one party to another as a basis for negotiations to form a contract, requiring clear terms that can be accepted.

24-Hour Schedule

A rotation or work schedule that covers all hours of the day across a team or installation, ensuring operations or service availability around the clock.

Output Contract

An agreement between a seller and a buyer where the seller agrees to sell all the production to the buyer, who in turn agrees to purchase the entire output.