Examlex
If households base their consumption spending on permanent income, then a temporary tax increase will cause a decrease in consumption.
Promissory Note
An economic document that includes a binding commitment from one party to another to deliver a specific amount of funds, payable either upon request or at an agreed-upon date in the future.
Defaulted
The failure to meet legal obligations or conditions, such as not making the required payments on a loan.
Real Defences
Legal defenses that can be used to assert an individual's right or title against the whole world, including in matters of property and debt.
Negotiable Instrument
A negotiable instrument is a written document guaranteeing the payment of a specific amount of money, either on demand or at a set time, with the payer named on the document.
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