Asked by CHELSEY MYERS on Jun 07, 2024
Verified
When a party's liability for a negotiable instrument is terminated,this party's liability has been ________.
A) remanded
B) annulled
C) discharged
D) ratified
E) absconded
Liability
The state of being responsible for something, especially in terms of legal or financial obligations that may arise from actions or transactions.
Discharged
Released from liability for a negotiable instrument.
Negotiable Instrument
A written, transferable document signed by the maker or drawer, containing an unconditional promise or order to pay a specified amount of money on demand or at a set time.
- Learn the nuances of personal and real defenses in regards to negotiable instruments, and the resulting effects on the holder in due course status.
Verified Answer
JH
Jeannie HeerleinJun 11, 2024
Final Answer :
C
Explanation :
When a party's liability for a negotiable instrument is terminated,the party's liability has been discharged.In other words,the party is released from liability.
Learning Objectives
- Learn the nuances of personal and real defenses in regards to negotiable instruments, and the resulting effects on the holder in due course status.