Under the UCC, a Bank Is a Person Engaged in the Business

question 14

True/False

Under the UCC, a bank is a person engaged in the business of banking.

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Definitions:

Reliance

Trust or dependence on something or someone, often used in legal contexts to refer to actions taken based on promises or agreements.

Respondeat Superior

A legal doctrine that holds an employer or principal legally responsible for the wrongful acts of an employee or agent, if such acts occur within the scope of the employment or agency.

Principal

In legal and business context, the principal is a party who authorizes an agent to act on their behalf for the purpose of conducting specific tasks or transactions.

Employee's Negligence

An employee’s failure to exercise reasonable care in the course of their work duties, which results in harm to another.