Which of the Following Is a Partial Defense Against a Holder

question 46

Multiple Choice

Which of the following is a partial defense against a holder in due course and a complete defense against a non-holder in due course?

• A) Illegality that makes a contract voidable
• B) Fraud in the inducement of any underlying contract
• C) Alteration of the completed instrument
• D) Lack or failure of consideration

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Definitions:

Net Income

The total profit of a company after all expenses and taxes have been subtracted from revenues.

Net Income

The total profit of a company after all expenses and taxes have been deducted from revenue.

Net Sales

The revenues from a company's primary activities after deducting returns, allowances, and discounts.

Working Capital Ratio

A financial metric measuring a company's ability to cover its short-term liabilities with its short-term assets.