A Financial Institution That Is Owned by Its Depositors Is

question 103

Multiple Choice

A financial institution that is owned by its depositors is called a(n) :

• A)common stock bank.
• B)credit union.
• C)insurance company.
• D)savings and loan association.

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Definitions:

Frustrated

In legal terms, refers to a contract that cannot be fulfilled due to unforeseen circumstances, rendering the obligations impractical or impossible to perform.

Condition Precedent

A condition under which the obligations of a contract will begin; also called “subject-to” clause.

Frustration

Interference with a contract by some outside, unforeseen event that makes performance impossible or essentially different in nature.

Equitable Remedy

A judicial order enforcing a party to act or refrain from acting in a certain way, used when monetary compensation does not suffice to resolve a legal dispute.