Reference no: EM133450897
Case Study: Martha borrows $5,000 from Abigail on August 8. Martha signs a negotiable promissory note, making $5,500 payable to Abigail on August 8 of the following year. Abigail sells the note to Dolly for $5,200 on September 15 of the same year. Dolly sells the note to Eleanor on November 7 of the same year for $5,200. On August 10 of the same year, Eleanor seeks payment from Martha, who dishonors on August 15. Assume no additional facts.
(a) Which party, if any, is primarily liable on the note? Simply provide the name. Do not explain.
(b) By what date, if any, must Eleanor provide notice of dishonor to Dolly to preserve her claim of contract liability? Simply provide the date, if any. Do not explain.
(c) Suppose that Eleanor wishes to collect from Abigail, not Dolly. By what date, if any, must Eleanor provide notice of dishonor to Abigail to preserve her claim of contract liability? Simply provide the date, if any. Do not explain.
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