Which of the Following Statements Ties to the 'Maker' as the Party

question 5

Multiple Choice

Which of the following statements ties to the 'maker' as the party that is primarily liable?

• A) Indorsers may disclaim contractual liability by indorsing "without recourse".
• B) The drawer of a non-check draft may disclaim her contractual liability on the instrument by drawing "without recourse".
• C) If the drawee varies the terms when accepting the draft, it is liable according to the terms as varied.
• D) The obligation is owed to a person entitled to enforce the note or to an indorser that paid the note.
• E) An unauthorized signature may be ratified by the principal.

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