A maker could NOT use which as a defense against a holder in due course?
A. A raised note
B. Prior payment of the maker to a previous holder
C. A note given for an illegal purpose
D. Legal incapacity of the maker
Answer: B. Prior payment of the maker to a previous holder
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Mars Chemicals Company uses the indirect method to prepare its statement of cash flows
Refer to the following portion of the comparative balance sheet: Mars Chemicals Company Comparative Balance Sheet December 31, 2017 and 2016 2016 2015 Increase/(Decrease) Common Stock $33,000 $2,500 $30,500 Retained Earnings 154,000 155,000 (1,000 ) Treasury Stock (8,500 ) (5,200 ) (3,300 ) Total Equity $178,500 $152,300 $26,200 Net Income for the year was $60,000. Which of the following statements is true of Taylor's statement of cash flows for 2016? A) The company issued stocks for $33,000. B) The company declared $61,000 as dividends. C) The company purchased treasury stock for $8,500. D) The net cash flow from financing activities is $178,500.
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Indicate whether the statement is true or false