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Commercial Credit Company Has in Its Possession an Instrument Dated

question 17

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Commercial Credit Company has in its possession an instrument dated May 1,2009.The instrument is payable to the order of Alpha Company "on June 1,2009," for $5,000.In the upper left corner is an address for Beta Corporation-10 Corporate Park Avenue,Chicago,Illinois-and in the lower right corner is the signature of "Delta,Inc. ,By Eve,President." In the lower left corner is stamped "ACCEPTED: Beta Corporation by Frank,President,May 5,2009." On the back is the signature of "Alpha Company by Gail,President." Who,if anyone,is primarily liable on this instrument on May 1? On May 5? Who,if anyone,is secondarily liable on this instrument?


Definitions:

Straight-Ticket Voting

Straight-ticket voting is the practice of voting for all the candidates of the same political party on a ballot.

Independents

Voters or political candidates who do not affiliate with any established political party.

Winner-Take-All

An electoral system in which the candidate who receives the most votes wins the entire election or all available seats, as opposed to proportional representation systems.

Proportional Representation

A voting system where the allocation of seats to parties is directly proportional to the amount of votes they receive.

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