[Roommate Troubles] Dexter,Bernard,and Garren were roommates who do not get along and decide to go their separate ways when their lease expires on May 31.Dexter owes Bernard $500 and signs a promissory note that he will pay Bernard $500 by July 1.Bernard,who owes Garren money,endorses the back of the note and writes "Pay to the order of Garren" on the back and gives the note to Garren.On July 2,Garren tells Dexter that Bernard signed the promissory note to him,so Dexter should just pay Garren the $500.Dexter refuses to pay Garren anything.Garren then tells Bernard that Dexter dishonored the note and sues Bernard for the value of the note.
-Who is primarily liable on the promissory note and who is secondarily liable?

Question

Quizplus · Accepted Answer

A)The maker of a promissory note is primarily liable for the amount of the note
because the party has promised to pay the amount of the instrument.The endorser,a party who signs an instrument to negotiate it,is secondarily liable.
B)The maker of a promissory note is primarily liable for the amount of the note because the party has promised to pay the amount of the instrument.The endorser,a party who signs an instrument to negotiate it,is secondarily liable.
C)The maker of a promissory note is primarily liable for the amount of the note because the party has promised to pay the amount of the instrument.The endorser,a party who signs an instrument to negotiate it,is secondarily liable.
D)The maker of a promissory note is primarily liable for the amount of the note because the party has promised to pay the amount of the instrument.The endorser,a party who signs an instrument to negotiate it,is secondarily liable.
E)The maker of a promissory note is primarily liable for the amount of the note because the party has promised to pay the amount of the instrument.The endorser,a party who signs an instrument to negotiate it,is secondarily liable.

[Roommate Troubles] Dexter,Bernard,and Garren Were Roommates Who Do Not Get