Elinor performs ten hours of house cleaning for Floyd in exchange for a promissory note for $400. At the time that Elinor accepts the note, she is aware that bankruptcy proceedings are being filed against Floyd. Elinor can
A) obtain HDC status.
B) not obtain HDC status, because she knows that there are bankruptcy proceedings against Floyd.
C) not obtain HDC status, because she did not fulfill the value requirement.
D) not obtain HDC status, because she did not fulfill the good faith requirement.

Question

Quizplus · Accepted Answer

The Answer of Elinor performs ten hours of house cleaning for Floyd in exchange for a promissory note for $400. At the time that Elinor accepts the note, she is aware that bankruptcy proceedings are being filed against Floyd. Elinor can
A) obtain HDC status.
B) not obtain HDC status, because she knows that there are bankruptcy proceedings against Floyd.
C) not obtain HDC status, because she did not fulfill the value requirement.
D) not obtain HDC status, because she did not fulfill the good faith requirement.

Elinor Performs Ten Hours of House Cleaning for Floyd in Exchange