Shoshanna Drafted a Complete Cheque and Made It Payable to Bearer

Shoshanna drafted a complete cheque and made it payable to bearer. She placed it in her desk drawer. She intended to give it as a prize to whichever student achieved the highest grade in her business law class. The cheque was stolen. After passing through several hands, it came into Ethan's possession. Which of the following statements is TRUE?

A) Ethan can enforce the cheque against Shoshanna because he has possession of the cheque and therefore is considered an immediate party.
B) Ethan can enforce the cheque against Shoshanna if he is a holder in due course.
C) Shoshanna merely has a personal defence as a result of the theft.
D) Shoshanna has a real defence as a result of the theft.
E) Ethan can enforce the cheque against Shoshanna if he is a holder.