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Which of the following statements is FALSE for a favorable binding reaction?
Trust Receipt
A document issued by a bank to a buyer who has obtained a loan to purchase goods, wherein the buyer agrees to hold the goods in trust for the bank until the loan is repaid.
Short-Term Financing
Funding obtained for a period typically less than a year, used to cover immediate financial needs of a business.
Acquisition Of Inventory
The process a business undertakes to obtain supplies or products that it intends to sell to its customers.
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