A Holder in Due Course May Be Free from Which

question 25

Multiple Choice

A holder in due course may be free from which of the following defenses?

• A)Infancy-a party is below the legal age of consent.
• B)Forgery.
• C)Fraud in the essence.
• D)Breach of contract.
• E)Material alteration of a completed instrument.

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Definitions:

Certificate of Authority

An official document issued by regulatory authorities granting permission for a company to do business in a particular jurisdiction.

Foreign Company

A foreign company is a business entity that is incorporated in a country other than where it conducts its majority operations or where its principal investors reside.

LLC

stands for Limited Liability Company, a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Joint Venture

A business arrangement in which two or more parties agree to pool resources for the purpose of accomplishing a specific task.