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25 August, 21:07

Fine office company employs general construction, inc. (gci), to renovate an office and signs a note for $10,000 payable to gci. gci breaches the contract, but sells the note for $5,000 to happy collection agency, which knows that gci has not performed. happy is an hdc of the note in the amount of

a.$0.

b.$5,000.

c.$10,000.

d.$15,000

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Answers (1)
  1. 25 August, 21:09
    0
    A: $0

    Explanation:

    Holder in due course describes a person who has accepted a negotiable certificate in good faith.

    It is one of the requirements by law for a holder in due course that it must not be aware of any defaults.

    Since Happy Collection Agency knew about the default, it has no claim over the note.
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