Absolute Liability to Pay a Negotiable Instrument, Subject to Certain

question 8

Multiple Choice

Absolute liability to pay a negotiable instrument, subject to certain universal or real defenses is known as ________.

• A) primary liability
• B) secondary liability
• C) warranty liability
• D) signature liability

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Definitions:

Price-elasticity Coefficient

A measure that calculates how much the quantity demanded of a good responds to a change in its price, quantitatively.

Revenues

The total income generated by a company from its business operations, such as sales of goods or services, before any costs or expenses are deducted.

Cut the Price

To reduce the selling price of a product or service.

Price Elasticity of Demand

A measure of how much the quantity demanded of a good changes in response to a change in its price.