On June 1,Dave Drawer Writes a Check to Pete Payee

question 59

Essay

On June 1,Dave Drawer writes a check to Pete Payee.The check is postdated to July 1.Nonetheless,Pete presents the check for payment at Dave's bank on June 15,and receives payment on that date.After Dave learns of this,he screams bloody murder,arguing that the check was not properly payable and that the bank should recredit his account.Is Dave right? Assume that the check is otherwise properly payable,and that Dave never told the bank about it before Pete presented it.

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Definitions:

Federal Government

The national government of a federated state, which holds the authority to govern at a level above individual states or provinces.

Yearly Average

A statistical measure that represents the sum of values over a year divided by the number of values.

Great Depression

The Great Depression was a severe worldwide economic downturn that began in 1929 and lasted until the late 1930s.

Government Farm Subsidies

Financial assistance programs provided by the government to support farmers, stabilize food prices, and ensure a stable food supply.