GPFP - 11 Flashcards
0
Q
A person who possesses a negotiable instrument that is issued or endorse to that person and which was obtained under the following circumstances:
1) the person paid or gave value for it
2) the person acted in good faith
3) the person had no notice of the instrument being overdue, dishonored, or subject to any defense against it or claim of any other person to it
A
Holder in due course
1
Q
Elements for a valid contract
A
Competent parties
Legal purpose
Offer and acceptance
Consideration
2
Q
Authority of agent
A
Express
Implied
Apparent
3
Q
Duty of Agent
A
Loyalty
Obedience
Reasonable care
