Run Around

question 89

Multiple Choice

Run Around.Millie issues a note to Bob.Bob endorses the note and transfers it to Anne.Anne endorses the note and transfers it to Henry.In a timely fashion,Henry endorses the note and presents it to Millie for payment.When Henry presents the note to Millie,she asks him for reasonable identification.He did not have any identification with him and told her that she had no right to dishonor the instrument.Millie,however,refused to provide him the funds until he returned with proper identification.Nevertheless,when he returned with proper identification,Millie refused to pay the note,claiming that she lacked the funds with which to do so.Henry proceeded immediately to request that Anne pay the note,but she told him that he would have to get his money from Bob,who cannot be found.Which of the following is the likely result if Henry sues Anne,Bob,and Millie?

• A)The judge is likely to rule that Henry can recover from Anne,Bob,or Millie.
• B)The judge is likely to rule that Henry's only option of recovery is against Millie.
• C)The judge is likely to rule that Henry's only option of recovery is against Anne.
• D)The judge is likely to rule that Henry can recover against Bob and that Bob may recover against Millie,but Henry cannot recover directly from Anne.
• E)The judge is likely to rule that Henry's only option for recovery is against Bob.

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Definitions:

Groceries

Items of food or household necessity purchased regularly for consumption or use.

Flexible Budget

A budget that adjusts or flexes with changes in the volume or activity level of a company.

Patient-visits

A measure used in healthcare to quantify the number of times patients seek medical services or consultations.

Revenue

The entire sum of money earned from selling goods or services that are central to a company's main business activities.