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What Is a Contingency Factor

question 132

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What is a contingency factor?


Definitions:

Liability

The state of being legally responsible for something, typically a debt or obligation.

Note

A financial instrument recognizing a debt or obligation, typically with the promise to repay the principal along with potential interest.

Revised Article 3

An update to a section of the Uniform Commercial Code that deals with negotiable instruments, including changes to laws governing checks and promissory notes.

Drawer

In banking, the party that writes or issues a check. In a broader contract or legal sense, it can refer to the person who drafts or creates a document.

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