Examlex
Give an example of a tax system where the marginal tax rate would equal the average tax rate.
Negotiable Instrument
A document guaranteeing the payment of a specific amount of money, either on demand or at a set time, with the payer named on the document.
Holder
A legal term referring to an individual or entity that possesses a negotiable instrument, such as a check or promissory note, and has the right to collect and enforce the instrument.
Dishonored
A term commonly used in banking and finance referring to a cheque or payment that has been refused or cannot be processed.
Drawee
The party that must obey an order. In the context of banking, the drawee is the bank that must pay the funds ordered by a customer’s check.
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