In the Seton Co

question 5

True/False

In the Seton Co.v.Lear Corp.,the federal Court of Appeals applied the merchant exception rule to hold that a confirming memo between merchants formed a contract.

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Definitions:

Depository Institutions

Depository Institutions are financial entities such as banks and savings associations that accept deposits from individuals and provide loans.

Thrift Institutions

Savings and loan associations, mutual savings banks, and credit unions, primarily engaged in accepting savings deposits and making mortgage and other loans.

Government Securities

Financial instruments issued by the government to finance its expenditures, promising to pay back with interest.

Excess Reserves

Capital reserves held by banks that surpass the minimum reserve requirements, providing liquidity and stability to the banking system.