Utility Is

question 27

Multiple Choice

Utility is

• A)the sense of pleasure or satisfaction derived from consuming goods and services
• B)the cost of acquiring goods and services
• C)the profit consumers earn from consuming goods and services
• D)the monetary value to consumers of goods and services
• E)the desire to consume goods and services

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Definitions:

Holder in Due Course

An individual who has obtained a negotiable instrument in good faith and for value, and thus has certain rights to the instrument free of many defenses and claims that could be asserted against the original party.

Personal Defenses

Legal arguments or claims an individual can use to avoid enforcement of a contract based on conditions that affect their agreement specifically.

Procedural Defenses

Procedural defenses are legal strategies used in court to challenge the way in which a case has been handled, focusing on errors in the procedures rather than the substance of the case.

Overdue Instruments

Refers to financial instruments, such as checks or promissory notes, that have not been paid or honored by the specified due date.