Multiple Choice
Jennifer signs a promissory note to pay $2,500 to Clara. Clara negotiates the instrument and indorses it to Anthony. Anthony alters the note to make the payment amount $25,000 and negotiates the note to Nicholas. Nicholas indorses the note and negotiates it to Mack. Nicholas and Mack are both unaware of Anthony's alteration. If Mack presents the note to Jennifer for payment, how much, if anything is Jennifer obligated to pay?
A) $25,000
B) $22,500
C) $2,500
D) Jennifer is not obliged to pay Mack
Correct Answer:
Verified
Correct Answer:
Verified
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