A Check Is Dishonored If

question 10

Multiple Choice

A check is dishonored if:

• A) it is presented for payment directly to the payor/drawee bank for immediate payment,which is refused.
• B) a payor bank makes timely return of the check.
• C) the payor bank becomes accountable for the amount of the check but has not yet made payment.
• D) All of these.

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Definitions:

Maximum Interest Rate

The highest rate of interest that can be charged on loans or credit, often regulated by law to prevent usury.

Business Tort

A wrongful act, other than a breach of contract, that results in injury or damage to another's business interests.

Implied-In-Fact Contract

A contract formed by the actions and circumstances of the parties involved, rather than written or spoken words.

Licensing Statute

Legislation that specifies the requirements and conditions for obtaining a professional or business license to legally operate.