Indorsers of Negotiable Instruments Are Primarily Liable for Payment of the Instrument

question 50

True/False

Indorsers of negotiable instruments are primarily liable for payment of the instrument.

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Definitions:

Breach

The act of violating a law, obligation, standard, or duty, often resulting in legal consequences or termination of agreements.

Warranty Authority

An assurance or guarantee provided by one party to another, typically regarding the quality or condition of a product or service.

Agency Agreement

An agreement creating an agency relationship between principal and agent.

Representation

In law, a statement of fact made to induce someone into a contract or a presentation by one party in a lawsuit on behalf of another.