A ________ Cannot Disclaim the Bank's Responsibility for Its Own

question 38

Multiple Choice

A ________ cannot disclaim the bank's responsibility for its own lack of good faith or failure to exercise ordinary care.

• A)statute
• B)deposit agreement
• C)creditor
• D)drawer

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Definitions:

Indemnification

The process by which one party agrees to compensate another for any loss or damage that has occurred or may occur.

Fraud

A wrongful statement, action, or concealment pertinent to the subject matter of a contract knowingly made to damage the other party.

Record of Transactions

A detailed log or document that keeps track of all the transactions made within a certain period.

Market Value

The estimated amount for which a property or asset would exchange on the date of valuation between a willing buyer and a willing seller.