Question: Highlighted is the answer I got incorrect a) Indicate which answer choice is correct. Explain why this choice is correct, citing to pages in the
Highlighted is the answer I got incorrect
a) Indicate which answer choice is correct. Explain why this choice is correct, citing to pages in the textbook, powerpoint slides, and/or lecture notes. b) For each of the wrong answer choices, explain why the choices are incorrect. Type your responses underneath each question or after each answer choice in color (to distinguish it from the text of the test question). 22. Frank signed a promissory note, promising to pay his lawyer, Dewey Cheatham, $1500. Dewey added another zero, changing the amount to $15000 and indorsed the note to Stacy Stationer. What circumstances best describe whether Stacy will be able to collect from Frank and, if so, the amount? a. If Stacy had sold Dewey office supplies for which he had not yet paid, Stacy is a holder in due course and may collect on the note to the extent of the value of the office supplies. b. Under all circumstances, as Frank was negligent in not writing the amount he promised to pay as $1,500, and Stacy will be able to collect $15,000. c. Under no circumstances, as an instrument that has been fraudulently altered is not negotiable. d. If Stacy took the note in payment of office supplies she had sold Dewey, for which he has not yet paid, and she had no notice of the fraudulent alteration, she is a holder in due course and may collect on the note for $15,000. e. If Stacy took the note in payment for office supplies she had sold Dewey, for which he has not yet been paid, and she had no notice of the alteration, she is a holder in due course but Frank is required to pay her only $1,500, the original term of the
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