Examlex
Outline the impact of Bill C198
Promissory Note
A legal instrument in which one party promises in writing to pay a determinate sum of money to the other, either at a fixed or determinable future time or on demand of the payee, under specific terms.
Primary Liability
Primary liability pertains to the direct and immediate obligation to fulfil a financial commitment or compensate for a loss.
Negotiable Instrument
A negotiable instrument is a written document guaranteeing the payment of a specific amount of money, either on demand or at a set time, with the payee able to transfer the instrument to another party.
Drawee
The party, usually a bank, upon whom a check or draft is drawn and is responsible for paying the specified amount of money to the holder.
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