The Customary Manner of Disclaiming the Indorser's Contractual Liability Is

question 34

Multiple Choice

The customary manner of disclaiming the indorser's contractual liability is to add which of the following sets of words before or after his signature?

• A) For collection only
• B) Without recourse
• C) Pay to the order of
• D) For deposit only

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Definitions:

Contracts

Legally binding agreements between two or more parties that are enforceable by law.

Economic Purpose

The underlying financial or economic reasons behind business transactions, investments, or policy decisions.

Dissolution

refers to the process of legally dissolving a company or partnership, ending its existence and distributing its assets.

Limited Liability Company

An organizational setup that blends the limited liability perks of a corporation with the straightforward taxation process of partnerships or sole proprietorships.