291. When the instrument is over-due what is the position of the transferee? When does demand paper mature?

292. How must the good faith of the transferee be shown? Must he act as a prudent man?

293. What is the result if the transferee has notice of defects in the title? Is he bound to make inquiry?

294. Define "value."

a negotiable instrument?

What value must be given for

295. What rights does a holder get who takes through a holder in due course? Suppose there has been fraud by a prior party.

296. Discuss generally the rights of the holder in due

course.

CHAPTER XIX

CONTRACT OF PARTIES

297. What does the maker agree to do? Is presentment necessary to fix his liability?

298. Discuss the contract made by the acceptor. Where must the acceptance be written to bind all persons? What is the acceptor's liability?

299. By an acceptance what does the acceptor admit, what does he not admit?

300. What kinds of acceptance may there be? What is a qualified acceptance?

301. Who may accept an instrument? Explain acceptance supra protest.

302. When is protest necessary in case of a dishonored accepted bill? When is notice necessary?

303. What promises are made by the drawer? What does he warrant?

304. Explain the indorser's contract. Is presentment necessary in case of bill or note?

305. What warranties are made by an unqualified indorsement? By a special indorsement?

306. How are indorsers liable? Illustrate.

307. Discuss the liability of the accommodation party as drawer, acceptor, etc. How does a guarantor differ from an indorser?

308. What damages may be recovered in case of dishonored paper? Explain and illustrate.

CHAPTER XX

PRESENTMENT AND NOTICE OF DISHONOR

309. What bills require presentment for acceptance? Why is it necessary?

310. When and where may it be made? When may it be excused?

311. When is presentment for payment necessary? To whom may it be made if acceptor is inaccessible? 312. When must payment be made? If no place is specified, where is it made?

313. When may it be dispensed with? How may it be waived?

314. What is payment for honor?

315. Discuss the two kinds of liability on an instrument.

316. What is notice of dishonor? By whom is notice given?

317. When parties live in different places where must notice be given?

318. To what place should notice be sent?

319. What should be stated in a sufficient notice?

320. Under what circumstances may notice be waived or excused?

321. Define protest. When must it be made? Give a form of protest briefly.

CHAPTER XXI

DEFENSES

322. State and explain two classes of defenses. Which is peculiar to negotiable contracts?

323. In which class come fraud, failure of consideration, duress?

324. Define fraud. Why is this defense often unavailing?

325. When may failure of consideration be used as a defense?

326. How may illegality arise?

327. At what period will release or renunciation be unavailing as a defense?

328. When may the discharge of a person secondarily liable be a defense?

329. Are real defenses attached to the instrument or the person? Is the contract a good one?

Un

330-333. Are the following real defenses: Gambling, alteration, cancellation? At common law? der the statute? What effect has forgery of the maker's name? Of the indorser's? What effect has payment to bona fide holder although his title may be defective?

CHAPTER XXII

PRINCIPAL AND AGENT

334. Define agent and principal, master and servant. What is the relation between them? What are the two classes of agents?

335. Who is a competent principal? Is an infant, an insane person, a married woman a competent principal? If not, is the contract void or voidable?

336. How may a business be a principal? A corporation? A partnership? An unincorporated association? In the last is the minority bound by the action of the majority?

337. May an agent delegate any of his powers? If so, when?

338. What determines competency as an agent? For what acts of the agent is the principal responsible? 339. Name four methods of appointing an agent?

340. If there is an express agreement, must it be written? If the agency is for more than a year, may the principal rely upon the statute of frauds to free him from his obligations? Define, explain and illustrate power of attorney.

341. Name some circumstances in which the agent's acts are void as to himself, as to third persons?

342. How may the agent's contracts beyond the scope of his authority be ratified? State the conditions necessarily preceding ratification? Must the whole contract be ratified?

343. From what time does the ratification act? May forgery ever be ratified?

344. What is estoppel? Name the five elements necessary to constitute estoppel?

345. When may one be an agent by necessity? Give at least two instances.

346. Summarize and illustrate the four rules concerning the scope of an agent's authority?

347. What duty does the principal owe the agent?

348. If the principal does not use his services, may the agent recover compensation under the agreement? What are the three remedies of the agent when the agency is recalled?

349. When may the agent act for more than one principal?

350. Is the agent entitled to indemnification for charges paid? If the act is illegal?

351. Is he entitled to reimbursement for necessary expenses?

352. Has he any lien on the property of the principal? 353–355. When is the principal alone bound to third persons by the acts of the agent? In what cases is the agent also liable?

356. State the general rule when there is an undisclosed principal? Give at least three exceptions to this rule.

357. In what cases are neither agent nor principal bound?

358. When may an agent sue in his own name? May the agent recover for tortious acts of a third party although the principal is chiefly injured?

359. In what special cases may the undisclosed principal not assert his rights? Has the principal a right to recover on a contract procured by the fraud of his agent?

360. What are the five duties the agent owes the principal?