Real defenses include all but:

A) forgery of the instrument.
B) minority of the maker.
C) fraudulent alteration.
D) theft of a bearer instrument.

Real Defenses

Legitimate legal defenses that can be raised against the enforcement of a negotiable instrument, including fraud, duress, or illegality.

Fraudulent Alteration

The illegal modification of a document with the intent to deceive or harm others.

Forgery

The act of falsely making or altering a document with the intent to defraud.