The Check Clearing for the 21st Century Act (Known as Check

question 6

Multiple Choice

The Check Clearing for the 21st Century Act (known as Check 21) shortens the processing time for deposited checks by:

• A)verifying the identity of the depositor.
• B)establishing the substitute check.
• C)verifying the identity of the financial institution.
• D)eliminating paper checks.
• E)making the funds immediately available upon deposit.

Understand the concept of equilibrium in a market and how it is determined by the forces of supply and demand.

Explain the effects of price ceilings and price floors on market equilibrium.

Analyze the consequences of shifts in supply and demand on equilibrium price and quantity.

Describe the relationship between price and quantity demanded (Law of Demand).

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Definitions:

Promissory Estoppel

A legal principle that prevents a party from going back on a promise, even if the promise was not formally agreed upon, if the other party has relied on that promise to their detriment.

Adequate Consideration

Sufficient value or compensation exchanged between parties in a contract, making the agreement legally binding.

Detriment

A state of being harmed or damaged, often used in legal contexts to describe loss or injury.

Adequacy of Consideration

Refers to a legal assessment of whether the consideration (value) given in exchange for a promise or for performance in a contract is fair and reasonable.