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Question
Which of the following is true of using the defense of failure of consideration by a maker or drawer of an instrument?
A. It can be used when the instrument is negotiated to a holder in due course.
B. It can be used when no consideration exists in the underlying contract for which the instrument was issued.
C. It can be used when one of the parties breach the contract by not furnishing the agreed consideration.
D. It can be used if a party, induced by a fraudulent statement to enter a contract, is the holder of a negotiable instrument issued as part of the transaction.
Answer
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Related questions
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