Jane is an employee of Tyco, Inc. and she is in charge of payroll. Every week she issues a check in the name of a fictitious employee. Jane cashes the check at a local bank by indorsing the check in the name of the fictitious employee. With respect to these checks, which statement is correct? a. Tyco is not liable because Jane committed fraud against Tyco.
b. Tyco is liable because it authorized Jane to issue payroll checks.
c. Tyco is liable for the full amount of the checks because Jane is broke.
d. Tyco had no knowledge of this embezzlement, so the bank must refund the overpayments.