Public Policy Consists of the Principles Inherent in the Customs

question 14

True/False

Public policy consists of the principles inherent in the customs, morals, and notions of justice that prevail in a state; the foundation of public laws; the principles that are naturally and inherently right and just.

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Definitions:

Indorser

The person who signs and transfers a negotiable instrument, such as a check or promissory note, to another party.

Secondary Liability

The legal obligation to pay a debt if the primary obligor defaults, usually applied in cosigning contexts.

Blank Check

A check signed by the drawer with the amount left blank, allowing the payee to enter any amount.

Raising The Check

Increasing the amount payable on a check, often through unauthorized alteration.