The Drawer's Failure to Report a Forged or Altered Check

question 64

True/False

The drawer's failure to report a forged or altered check to the bank within six months of receiving the bank statement and canceled checks containing it relieves the bank of any liability for paying the instrument.

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Definitions:

Barter System

An exchange system in which goods or services are directly exchanged for other goods or services without the use of money.

Goods

Physical items that are produced for sale on the market, which can satisfy human wants or needs, such as food, clothes, and cars.

Trade

The exchange of goods, services, or both between two or more parties, either within the same country or across international borders.

Different Goods

Variety of products or items that satisfy different needs and wants or provide various forms of utility to consumers.