On the Due Date, Merrel Makes Proper Tender of Full

question 27

Multiple Choice

On the due date, Merrel makes proper tender of full payment of a note to Russell, who is entitled to payment. If Russell refuses payment, Merrel is discharged from liability for:

• A) the face amount of the note.
• B) any interest accrued until the time of tender.
• C) interest after the due date.
• D) all repercussions from this transaction.

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Definitions:

Labor

The human effort, both physical and mental, used in the production of goods and services.

Substitution Effect

The change in quantity demanded of a good or service as consumers switch to or from substitutes when the price changes.

Income Effect

The change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.

Manufacturing Wages

The compensation paid to workers involved in the production and assembly processes within manufacturing industries.