Introduction of Checks into the Payments System Reduced the Costs

question 70

Multiple Choice

Introduction of checks into the payments system reduced the costs of exchanging goods and services. Another advantage of checks is that

• A) they provide convenient receipts for purchases.
• B) they can never be stolen.
• C) they are more widely accepted than currency.
• D) the funds from a deposited check are available for use immediately.

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Definitions:

Duress

Duress refers to a situation where a person performs an act as a result of violence, threat, or other pressures against them, which can invalidate any agreement made under such conditions.

Non Est Factum

A legal defense claiming a signed agreement is invalid because the signer was unaware of its true nature due to a mistake or misrepresentation.

Assignee

A person to whom rights or property is legally transferred.

Non Est Factum

Non est factum is a legal defense in contract law that asserts a signed agreement is void because the signer was mistaken about its nature and character.