GPFP - 11

Question 0

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

Answer 0

Holder in due course

Question 1

Elements for a valid contract

Answer 1

Competent parties
Legal purpose
Offer and acceptance
Consideration

Question 2

Authority of agent

Answer 2

Express
Implied
Apparent

Question 3

Duty of Agent

Answer 3

Loyalty
Obedience
Reasonable care