Fact Pattern 26-1B

question 18

Multiple Choice

Fact Pattern 26-1B
Jake is the maker of a $2,000 promissory note payable to Kim.Kim indorses the note to Lyron who,in turn,indorses it to Mona,who then in?dorses it to Neville,the present holder.
-Refer to Fact Pattern 26-1B.Suppose that Mona pays Neville on the note.With timely notice to the proper parties,Mona may collect payment on the note from

• A)Jake,Kim,or Lyron.
• B)Jake or Kim only.
• C)Lyron only.
• D)no one.

---

Definitions:

Binomial Experiment

A statistical experiment that has exactly two mutually exclusive outcomes, often labeled as success and failure.

Possible Outcomes

Refers to all the potential results that may occur from a specific action or random experiment.

Probability

The likelihood or chance that a particular event will occur, often expressed as a number between 0 and 1.

Probability of Success

The likelihood of achieving a favorable outcome in a given trial or experiment.