Final answer:
An innocent purchaser of a negotiable note for value without knowledge of any defect is customarily called a bona fide purchaser for value. The principle of imperfect information refers to a situation where one or both parties involved in a transaction are uncertain about the qualities of the instrument they are buying or selling.
Step-by-step explanation:
An innocent purchaser of a negotiable note for value without knowledge of any defect is customarily called a bona fide purchaser for value. A bona fide purchaser is someone who purchases the negotiable note in good faith and for valuable consideration, without notice of any defect or claim against the note.
In the context of negotiable instruments, the principle of imperfect information refers to a situation where one or both parties involved in a transaction are uncertain about the qualities of the instrument they are buying or selling. This could include lack of knowledge about any defects or claims against the instrument.
For example, imagine a person who buys a negotiable note from someone else, paying a fair price for it, without knowing that the note is subject to a prior claim or has some other defect. If this person is unaware of the defect and purchases the note in good faith and for valuable consideration, they would be considered a bona fide purchaser for value.