Elian Wrote a $5000 Check Payable to His Nephew Jose

question 33

Multiple Choice

Elian wrote a $5000 check payable to his nephew Jose on January 1.Elian gave Jose the check on January 3.Elian died January 6.The drawee bank learned of Elian's death on January 7.There is no stop payment order on the check.Which statement is correct?

• A)The bank can pay the check only until January 10.
• B)The bank can pay the check only until January 16.
• C)The bank can pay the check until January 17.
• D)The bank cannot pay the check.The bank must freeze Elian's account.

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Definitions:

Concentrated Industry

characterizes a market structure where a few firms dominate the industry, often leading to reduced competition.

Cournot

A model of duopoly in which two firms assume the output of the other, deciding their own levels of production to maximize profit, leading to a strategic equilibrium.

Contestable

Pertaining to a market condition where the entry and exit of firms are costless or have low barriers, enabling potential competition to limit the market power of existing firms.

Price Competition

A market situation where businesses compete primarily on the price of their products or services.