Question: 2: What does it mean to have primary liability on a negotiable instrument? a) Primary liability means that as soon as a party signs the

2: What does it mean to have primary liability on a negotiable instrument?

a) Primary liability means that as soon as a party signs the instrument as a maker or accepts the instrument as a drawee, they become unconditionally liable for payment, and they are not allowed any defense.

b) Primary liability means that a holder in due course can collect from any party who signed the instrument.

c) Primary liability means that a maker or drawer is liable for payment only until the instrument is indorsed.

d) As soon as a party signs the instrument as a maker or accepts the instrument as a drawee, they are the first to become liable for payment

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