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What Is the Meaning of Functional Knowledge

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What is the meaning of functional knowledge?


Definitions:

Check Conversion

The process of electronically transforming a paper check into an electronic payment, speeding up the transaction process.

Holder in Due Course

A legal term for a person who has acquired a negotiable instrument in good faith and for value, thereby having certain protections.

Fixed Amount Requirement

A stipulation that requires a specific, predetermined amount of money to be paid or received in a transaction or contract.

Negotiable Instruments

Written documents guaranteeing the payment of a specific amount of money, either on demand or at a set time, with the payer's name written on it.

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