Explain the Difference Between a Restrictive Covenant and a Positive

question 3

Essay

Explain the difference between a restrictive covenant and a positive covenant.

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Definitions:

Bank Make Payment

The act of a bank processing a transaction and transferring the requisite funds from one account to another as instructed.

Confirmed in Writing

The process of documenting an agreement or decision on paper or electronically to provide a tangible record of the terms.

Midnight Deadline

A cutoff point often used in law and finance, indicating that transactions or actions must be completed by 11:59 PM to be considered valid for that day.

First Bank

Historically, could refer to an initial or pioneering banking institution in a region or country, often established to foster economic growth.