Susie Smith Signed a Note Agreeing to Pay, "Annie Greene

question 11

Multiple Choice

Susie Smith signed a note agreeing to pay, "Annie Greene, Mary Hodge," $1,000. The payment was for painting her house. An issue with the note was that it spelled Annie's last name, "Greene," whereas Annie spells it simply, "Green." Annie and Mary had a disagreement regarding how to split up the funds for painting the house. Annie proceeded to sign the note on the back, "Annie Green," and presented it to Bill Brown to satisfy a debt that she owed him. Bill Brown endorsed the note on the back and took it to the bank for payment. Mary is unhappy because she did not obtain any of the funds and stated that Annie could not legally endorse the instrument because it misspelled her name and also because Mary did sign it. Which of the following is true regarding Mary's claim that the endorsement by Annie was illegal because the note misspelled Annie's name?

• A) Mary is correct.
• B) Mary is correct, but only because Annie signed the note, "Green," instead of "Greene," as such was on the note.
• C) Mary is correct, but only because two payees are listed.
• D) Mary is incorrect.
• E) Mary is incorrect unless she can prove that Susie intentionally and purposefully spelled the name wrong to prevent negotiation.

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Definitions:

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company.

Return on Time Invested

Return on Time Invested (ROTI) is a measure of the value or benefits gained from the time spent on a particular activity, assessing efficiency and effectiveness.

Time Management Skills

The skill of managing one's time efficiently and being productive, particularly in a professional setting.

Productive Number of Sales Calls

The quantity of sales calls that effectively lead to a desired outcome, such as generating a lead or closing a sale.