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Use the figure to answer the following question. What is detected by the structure diagrammed in the figure above?
Failure Of Consideration
occurs when the promised performance in a contract is not delivered, rendering the contract voidable or void.
Revised Article 3
Amendments made to Article 3 of the Uniform Commercial Code, which governs negotiable instruments like checks and drafts, to modernize and clarify its provisions.
Claims
Formal requests or demands for payment or compensation for losses or damages covered under an insurance policy.
Without Recourse
A term indicating that the seller of a financial instrument or property transfers all risk of non-payment or defect to the buyer, absolving the seller of liability.
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