Multiple Choice
Peter draws a check on his account at Wright Bank payable to the order of Stella. Peter asks Wright Bank to certify the check and the bank certifies it. Stella presents the check to Wright Bank for payment. Which of the following statements is true of this case?
A) Wright Bank becomes primarily or absolutely liable on the check.
B) Peter is primarily liable on the check.
C) Wright Bank is secondarily liable on the check.
D) Wright Bank has no contractual liability on the check whatsoever.
Correct Answer:

Verified
Correct Answer:
Verified
Q34: "Responsibility" with respect to instruments means the
Q35: A holder in due course may discharge
Q36: Contractual liability on negotiable instruments flows from:<br>A)
Q37: Define the situations that lead to the
Q38: Anne borrows $2,000 from Jerry and gives
Q40: When a representative signs an authorized signature
Q41: When an incomplete instrument is completed after
Q42: A person who is secondarily liable is
Q43: A person entitled to enforce a negotiable
Q44: Which of the following parties is primarily