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 In other words, no points if you do not quote verbatim the textbook and list the page numbers.$(2)$ Apply the rules from Question #$1$ to Gary.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 notPlease 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 In other words, no points if you do not quote verbatim the textbook and list the page numbers.$(3)$ List or describe the meaning of a Holder in Due Course.Please quote each relevent section$($s$)$ from the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 In other words, no points if you do not quote verbatim the textbook and list the page numbers.$(4)$ Apply the rules from Question #C to Gary.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 notPlease 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 In other words, no points if you do not quote verbatim the textbook and list the page