Dwayne needed additional cash. He had borrowed small sums previously from various lenders. His experience taught him that lenders charge interest at a high rate. Thus, he turned to a friend at work, Elbert, who agreed to the loan but only if Dwayne signs an IOU. IOU? Dwayne replied. Is that the same as a promissory note? No$,$ Elbert fibbed. The IOU is merely your recognition of your debt. However, it was a promissory note. Dwayne signed the note for $$6,000$ payable in one year without reading it$,$ even though he has had experience with such instruments. Dwaynes total interest paid is $$670($total accumulated debt is $$6,670$ upon maturity$).$ Elbert, too, has experience and sold the note at a discount to Frank for $$6000$ plus $$200.$ Frank then sold the note to Gary for $$6200$ plus $$100.$ However, Gary did not know of Elberts misrepresentation. Indeed, he took the note in good faith. $($Do you see how Frank made $$100$ profit by merely moving "commercial paper?"$)$ For each question, you must quote from the textbook the relevant section$($s$)$ to support EACH of your answer$($s$).$ NO POINTS for this Category will be awarded without the appropriate, supporting quote$($s$).(1)$ List or describe the meaning of a Holder. Please quote each relevent section$($s$)$ from the textbook to support your answer and list the page numbers. In other words, no points if you do not quote verbatim the textbook and list the page numbers. $(2)$ Apply the rules from Question #$1$ to Gary. Is Gary a Holder? Explain why$/$why not Please quote each relevent section$($s$)$ from the textbook to support your answer and list the page numbers. In other words, no points if you do not quote verbatim the textbook and list the page numbers. $(3)$ List or describe the meaning of a Holder in Due Course. Please quote each relevent section$($s$)$ from the textbook to support your answer and list the page numbers. In other words, no points if you do not quote verbatim the textbook and list the page numbers. $(4)$ Apply the rules from Question #C to Gary. Is Gary a Holder in Due Course? Explain why$/$why not Please quote each relevent section$($s$)$ from the textbook to support your answer and list the page numbers. In other words, no points if you do not quote verbatim the textbook and list the page numbers. $(5)$ Define the two $(2)$ defenses in regard to payment on an instrument, that is$,$ the Personal Defense and the Universal Defense. List all of the types of individual defenses under each category. $(6)$ In the facts, Dwayne rushed even though his sophistication served to caution him. Does his rushing and sophistication stop him from raising any possible defense $($Personal or Universal$)$ when Gary, as an HDC$,$ seeks payment from the Dwayne? Explain why$/$why not $(7)$ Let's change the facts! Let's suppose that Elbert never sells the note but holds it and seeks to collect it from Dwayne. Would Dwayne have any defenses, Personal or Universal, to avoid paying Elbert as Holder? Why$/$why not? $(8)$ Let's again change the facts! Let's suppose that Elbert sells the note to Frank who sells the note to Gary but Gary sells it back to Elbert. Thus, Elbert is now the Holder. If Gary is an HDC$,$ does Elbert acquire Garys HDC rights $($Shelter Principle$)$ in the note and collect from Dwayne? Unlike the prior questions which have answers found in the textbook, this question has no answer in the textbook but can be answered elsewhere. Research with "exceptions or limitations to the Shelter Principle" discuss matter directly related to "Transferability," Cheeseman $10$th edition bussiness law