Explanation:

- Holder in due course: This term refers to someone who has obtained a negotiable instrument for value, in good faith, and without notice of any defects. As P received the cheque as a gift, they didn't provide value for it, so they cannot be a holder in due course.

- Holder for value: This refers to someone who gives value in exchange for the negotiable instrument. As P received it as a gift, they didn’t exchange any value, so P is not a holder for value.

- Holder: This is someone in possession of a negotiable instrument that is payable either to bearer or to an identified person that is the holder. Since P possesses the cheque, they are a holder.

- None of the above: This option would be correct if P did not fit any of the definitions, but P does qualify as a holder.