A(n) _____ Has a Legal Entity of Itself

question 14

Multiple Choice

A(n) _____ has a legal entity of itself .

• A) partnership
• B) LLP
• C) corporation
• D) association
• E) trade alliance

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Definitions:

Countermand Payment

The act of canceling a payment or stopping the processing of a payment order by the payer.

Certified Cheque

A cheque guaranteed by a bank, indicating that the signer has enough funds in their account to cover the amount of the cheque.

Bills Of Exchange Act

A law that governs the creation, transfer, and effects of a bill of exchange, which is a written order used in international trade requiring one party to pay a fixed sum of money to another party on demand or at a predetermined date.

Drawer

In the context of checks and negotiable instruments, the entity that writes and signs a check, instructing the bank to pay the stated amount to the party named on the document.