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Question
Joan carefully completes and signs a $1,000 note payable to Pete. Pete skillfully changes the amount of the note to $10,000, and negotiates it to Hilda for that amount. Hilda qualifies as a holder in due course. When Hilda presents the altered note to Joan for payment, Joan refuses to pay a penny more than $1,000. Which of the following is true?
A. Joan is not liable to Hilda.
B. Joan is liable to Hilda for $1,000.
C. Joan is liable to Hilda for $10,000.
D. Joan's liability to Hilda will be determined by the relative negligence of Joan and Hilda.
Answer
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