Before Passage of Laws Affecting Negotiable Instruments

question 360

Multiple Choice

Before passage of laws affecting negotiable instruments:

• A) the right to payment was a contract right that could not be sold
• B) business was done on a cash basis only
• C) businesses were required to maintain large cash reserves (or cash equivalents, such as land or other property) as a guarantee of future payment for credit sales
• D) it was possible to buy products internationally only by opening a letter of credit as a guarantee of payment
• E) credit cards were the most common exchange form used

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Definitions:

Moderate Drinking

The consumption of alcohol in a manner that is considered to be within the recommended health guidelines, not leading to alcohol abuse or dependence.

Nicotine Metabolize

The process by which the body breaks down nicotine, primarily in the liver, converting it into cotinine and other metabolites that are eventually excreted.

Ethnicities

Social groups that share a common national or cultural tradition.

Focus On Developing

The act of concentrating efforts on growth, improvement, or expansion of skills, knowledge, or resources.