Last Week Dave Was Looking for a Place to Deposit

question 108

True/False

Last week Dave was looking for a place to deposit a $30,000 inheritance from his Great Aunt Martha who passed away three months ago.Although he does not plan to spend his money frivolously,he will need part of the funds from time to time for his college education - something he promised Great Aunt Martha he would achieve.After speaking with several sales consultants in banking and nonbank institutions,he likes the fact that he can open a stock brokerage account and a money-market account at Goodman Stacks Investment Company a nonbank company),and will be issued checks for paying bills.You remind him that with the recent mergers between banking and nonbank institutions,he may be able to find a company that provides both)the convenience of banking services ATM,cash availability)and low risk/high risk securities products.

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Definitions:

Discharged

In legal terms, released or freed from an obligation, duty, or liability.

Incidental Beneficiary

A third party who may benefit from a contract between two other parties, albeit unintentionally and without the legal right to enforce the contract terms.

Enforce Agreement

The legal process of ensuring that the terms of a contract are carried out as agreed upon by the parties.

Restatement

Secondary legal sources that seek to clarify, explain, and illustrate the principles of a particular field of law to guide the courts in how the law should be applied.