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The issue that divided the Federalists and the Democratic-Republicans during the years of the early republic were not identical to those that had separated Federalists and Anti-Federalists during the constitutional debates.
Payable on Demand
A financial obligation that must be paid whenever the creditor requests it.
Nonnegotiable
Pertaining to something that cannot be transferred or assigned from one party to another, such as a nonnegotiable instrument or document.
Negotiable Instrument
A written document guaranteeing the payment of a specific amount of money, either on demand or at a set time, with the payer named on the document.
Loan
A sum of money that is borrowed and is expected to be paid back with interest.
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