When You Use Currency to Buy Lunch,money Is Performing Which

question 112

Multiple Choice

When you use currency to buy lunch,money is performing which function?

• A)Store of value
• B)Barter token
• C)Unit of purchase
• D)Unit of currency
• E)Medium of exchange

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Definitions:

Imposter Rule

A legal principle that protects the drawer of a negotiable instrument from being held liable to an impostor or in cases of fraud, provided certain conditions are met.

Presentment Warranties

Legal assurances given when a negotiable instrument (like a check) is presented for payment, concerning the authenticity of the document and the rights of the presenter.

Drawer Is Unauthorized

A statement indicating that the person who has made or drawn a cheque (the drawer) did not have the authority to do so, potentially rendering the cheque invalid.

Unaccepted Draft

A written order to pay a certain amount that has not been accepted or honored by the party it is drawn upon.