Examlex
Which of the following statements is CORRECT?
Bearer
Pertaining to negotiable instruments, it refers to the individual possessing the document entitled to the rights therein.
Instrument
A legal document formally evidencing a right or obligation, such as contracts, wills, or promissory notes.
Good Faith
A principle that emphasizes honesty, fairness, and integrity in the fulfillment of contractual obligations or in negotiations.
Reasonable Commercial Standards
A legal concept referring to the standard practices and methods used by reasonably prudent and competent parties in a particular industry.
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