When a Bank Pays a Check That Has Been Materially

question 56

Multiple Choice

When a bank pays a check that has been materially altered to a higher amount,the bank can:

• A) not charge the depositor's account
• B) charge the depositor's account for the original amount of the check,but cannot recover the additional amount from anyone
• C) charge the depositor's account for the original amount of the check,and recover the additional amount only from the person who altered the check
• D) charge the depositor's account for the original amount of the check,and recover the additional amount from the person who presented the check for payment,even if that person did not know the check was altered
• E) charge the depositor's account for the original amount of the check,and recover the additional amount from the person who presented the check for payment,but only if that person knew that the check was altered

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Definitions:

Elastic

Describes a situation in economics where the supply or demand for a good or service significantly changes in response to changes in price.

Price Ceiling

A legal maximum price that can be charged for a particular good or service, aiming to keep prices affordable.

Equilibrium Price

The price at which the quantity of goods supplied is equal to the quantity of goods demanded in the market.

Supply and Demand

The basic economic principle that determines the price of goods and services in a market, based on the quantity available (supply) and the desire of consumers to purchase (demand).