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Application of Skills Directions:
Apply the knowledge you have gained from Chapter 25 to answer the following questions.
Which of the following sentences uses the apostrophe correctly?
Payee
The party in a financial transaction who receives the payment.
Unconditional Promise
A firm commitment or guarantee without any stipulations or requirements for its fulfillment.
Delegator
A party in a contract who transfers his or her duties to perform to a third party who is not part of the original contract (a delegatee).
Endorsement
The act of signing the back of a financial document or negotiable instrument, thereby transferring rights or authorizing actions related to the document.
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