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World welfare under a customs union
Payee
The person or entity to whom a payment is to be made or who receives the payment.
Negotiable Instruments
Financial documents, like checks or promissory notes, that guarantee payment of a specific amount of money to the bearer under certain conditions.
UCC
Stands for Uniform Commercial Code, which is a comprehensive set of laws governing all commercial transactions in the United States.
Anglo-American Law
A legal system originating in England and now prevalent in the United States and many Commonwealth countries, characterized by the doctrine of precedent.
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