Meena Gave a Widget to Speedy Fixit Inc for Repairs

question 23

True/False

Meena gave a widget to Speedy Fixit Inc for repairs.She assumed, without much thought that the repairs would be done by Speedy itself.In fact, Speedy sent the widget to Niagara Repairs Ltd to have the work done.The widget was lost while it was in the possession of Niagara.If Meena agreed to a sub-bailment, she may be allowed to subsequently sue Niagara for the loss.

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Definitions:

Required Reserves

Required Reserves are the portion of depositors' balances that banks must have on hand as cash, according to central bank regulations.

Actual Reserves

The physical quantity of a resource or commodity that is known to be available and extractable under current conditions.

Reserve Requirement

The minimum amount of reserves that banks are required to hold by law, set by the central bank to control money supply.

Time Deposits

Time Deposits are bank deposits that have a fixed term and usually offer a higher interest rate compared to regular savings accounts.