Cengage Advantage Books: Business Law 9th Edition by Arnold Goldman ,William Sigismond

Exercise 1

Mavrick wanted to give her niece a college graduation gift but did not have the cash on hand. Instead, she made out a sixty-day promissory note for $200. The niece immediately negotiated the note to the bank to apply toward her college loan. When the bank made proper presentment of the note to Mavrick on the due date, she refused to pay, claiming lack of consideration.
Questions
1. Could the bank legally collect from Mavrick?
2. I f the niece had kept the note and presented it to the aunt on the due date, could the aunt legally refuse to pay the niece?