Leda Deceives Merchant Company into Signing a Note by Telling

Multiple Choice

Leda deceives Merchant Company into signing a note by telling the firm's staff accountant Nano that it is not a note but a receipt for a delivery of goods. In light of Nano's experience and other circumstances, a reasonable review of the instrument would have revealed its nature. Merchant is most likely liable on the note to

A) no one.
B) ordinary holders only.
C) ordinary holders, HDCs, and holders through HDCs.
D) HDCs only.