Fact Pattern 41-1A (Questions A3-A5 Apply)

question 16

Multiple Choice

Fact Pattern 41-1A (Questions A3-A5 apply)
Cherry Grove Apartments,Inc.,merges with Dutch Elm Realty,Inc.Only Dutch Elm remains.
-Refer to Fact Pattern 41-2A.New Energy acquires

• A)all of Petro's and Oil's assets.
• B)half of Petro's and Oil's assets.
• C)none of Petro's and Oil's assets.
• D)only assets that Petro and Oil acquired after a combina?tion was proposed.

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Definitions:

HDC (Holder in Due Course)

A legal term referring to someone who has acquired a negotiable instrument in good faith for value and without notice of any defect.

Defective Instrument

A legal or financial document that contains errors, omissions, or flaws rendering it invalid or ineffective.

Dishonor

To refuse to accept or pay a draft or a promissory note when it is properly presented. An instrument is dishonored when presentment is properly made and acceptance or payment is refused or cannot be obtained within the prescribed time.

Handwriting

The act or practice of writing done with the hand, using instruments such as a pen or pencil, which can be unique to each individual.