After Notice of Dishonor Is Received, How Long Do Parties

question 13

Multiple Choice

After notice of dishonor is received, how long do parties other than a collecting bank have in order to give notice of dishonor to a secondarily liable party?

• A) It must be given before midnight of the next day.
• B) It must be given within 48 hours.
• C) It must be given within 7 days.
• D) It must be given within 10 days.
• E) It must be given within 30 days.

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Definitions:

Behavior Modification

A therapeutic approach that seeks to change undesirable behaviors through reinforcement strategies.

Family Therapy

A form of psychotherapy that involves treating family problems by focusing on family dynamics and relationships as a way to improve psychological health.

Fundamental Assumption

A basic principle or belief that is accepted without proof and is foundational for a theoretical framework or system.

Placebo Effect

The phenomenon in which a person's symptoms can improve after receiving a treatment with no therapeutic value, due to the belief in the treatment's efficacy.