Under the Uniform Commercial Code's ________ Requirement, a Person Cannot

question 14

Multiple Choice

Under the Uniform Commercial Code's ________ requirement, a person cannot qualify as a holder in due course (HDC) if he or she has noticed that the instrument is overdue.

• A) no evidence of forgery, alteration, or irregularity
• B) taking in good faith
• C) taking without notice of defect
• D) taking for value

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Definitions:

Rescinds

To annul, rescind, or abolish a law, order, or agreement.

Deceit

A tort involving intentional misrepresentation or cheating by means of some device.

Injury

Physical harm or damage to a person's body, or harm to one's reputation or emotions in a legal context.

Rescission

The process of unwinding a transaction, returning all parties to their pre-contractual state.