Revised Article 3 Eliminates the Particular Fund Doctrine by Providing

question 65

True/False

Revised Article 3 eliminates the particular fund doctrine by providing that a promise or order is not made conditional because payment is to be made only out of a particular fund.

---

Definitions:

Elasticity of Product Demand

A measure of the responsiveness of the quantity demanded of a product to changes in its price.

Elasticity of Resource Demand

The measure of how much the quantity demanded of a resource changes in response to a change in its price.

MRP

Marginal Revenue Product, which is the additional revenue generated from employing one more unit of a resource.

Wage Rate

The amount of money paid to an employee per unit of time worked, often hourly, daily, or annually.