What Is Rectification? How Is It Used by Courts in Situations

question 2

Essay

What is rectification? How is it used by courts in situations involving mistake in law.

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Definitions:

Goldsmith's Receipts

Goldsmith's Receipts were historically issued by goldsmiths in the form of promissory notes against the gold deposited with them, leading to the development of banking.

NOW Accounts

Interest-earning banking accounts that permit writing checks against the deposited funds.

Interest-Bearing

Pertaining to financial instruments or accounts that generate interest income over time for the holder, such as bonds or savings accounts.

Largest United States Bank

Refers to the biggest bank in the United States by assets or market capitalization, often a title held by major institutions like JPMorgan Chase or Bank of America.