Which of the Following Is Not a Depository Institution

question 21

Multiple Choice

Which of the following is not a depository institution?

• A) First National Bank of Chicago
• B) Butterfield and Edwards Brokerage Company
• C) American 1 Federal Credit Union
• D) New England Savings Bank

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Definitions:

Legally Valid

Holding sufficient standing or force in law; capable of being legally or lawfully recognized or enforced.

Voidable

A situation or agreement that may be legally declared invalid or cancelable by one of the parties involved.

Unilateral Agreement

A unilateral agreement is a contract in which only one party makes a promise or undertakes a performance obligation, while the other party is not legally bound to reciprocate.

Bilateral Agreement

A legally binding contract between two parties or countries involving mutual commitments or trade-offs.