Checks and Trade Acceptances Are Special Types of Promissory Notes

question 12

True/False

Checks and trade acceptances are special types of promissory notes.

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Definitions:

Breach of Contract

The failure, without legal excuse, to perform any promise or obligation outlined in a contract.

Respective Promises

Promises made by two or more parties where each party's promise is considered in regard to, or in relation to, the promises of the other party or parties.

Quasi-Contract

A legal concept where the court imposes a contractual obligation on a party who has not actually entered into a contract, to prevent unjust enrichment.

Mutual Assent

In contract law, the state of mind that exists between an offeror and an offeree once a valid offer has been accepted and once the parties know what the terms are and have agreed to be bound by them. Also known as “a meeting of the minds.”