Norms

question 64

Multiple Choice

Norms:

• A) are specific rules of behavior.
• B) prescribe limits of acceptable behavior.
• C) are agreed-upon rules of behavior.
• D) are shared rules of behavior.
• E) all of the above

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Definitions:

Reasonable Period

An amount of time regarded as fairly appropriate under the circumstances, considering what a rational person would deem sufficient.

Check

A written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer or to the order of a specific person or to the bearer.

Trade Practice

Trade practice involves the customary ways in which trade is conducted within a particular industry, including standards of conduct, competition, and fair dealing.

Claim in Recoupment

A legal claim made in defense to a counterclaim, aiming to offset or reduce the amount of damages sought by the original claimant.