Bill submits a time card for a non$-$existent employee. The employer issues the payroll check. Bill forges the endorsement and negotiates the check to Ted. Which of the following statements holds true for this situation?

Group of answer choices

The check cannot be negotiated as it carries the signature of a non$-$existent person.

Ted submits the check to the employer and gets the mentioned amount.

The employer has the right to refuse payment to Ted.

The loss from the forged check is borne by the holder in due course.