Which Statement Is True Regarding the Requirement That a Party

Multiple Choice

Which statement is true regarding the requirement that a party take an instrument for value in order to be considered a holder in due course?

A) The party must provide consideration.
B) The party must have provided a bargained-for promise.
C) The party must take the instrument in exchange for a promise that has already been performed.
D) The party must have begun performance on a promise and have provided consideration.
E) The party must have provided consideration or received the note as a gift.