Ursula's uncle gives her a promissory note in exchange for her promise to work as his personal attorney if she finishes law school in three years. is ursula a holder in due course? which of the following is not a requirement for hdc status?
- although a promise to give value in the future is valid consideration to support a contract, it does not constitute value to make the promisor an hdc.
- a holder takes an instrument for value only to the extent that the promise has been performed.
- when an instrument is purchased at a bankruptcy sale, the holder will not be an hdc.
- a holder who does not act in the process of acquiring the instrument cannot be an hdc.
- the good faith requirement applies only to the holder.
- a person who takes a negotiable instrument from a thief may become an hdc if the person acquired the instrument in good faith and had no reason to be of the transaction.