An Open Account Is a Contract Between the Banks of a Buyer

question 12

True/False

An open account is a contract between the banks of a buyer and a seller that ensures payment from the buyer to the seller upon receipt of an export shipment.

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Definitions:

Representativeness Heuristic

A mental shortcut that involves making judgments based on how much one thing resembles another, which can lead to biases in decision making.

Base-Rate Information

Statistical data that provides foundational probabilities of certain events or characteristics within a specific population.

Script Information

Knowledge structures stored in memory that dictate the sequence of actions in specific contexts.

Representativeness Heuristic

A cognitive shortcut that involves judging the probability of an event by its similarity to a prototype.