Time Deposits Consist of

question 22

Multiple Choice

Time deposits consist of

• A)savings accounts.
• B)loans and charge accounts.
• C)chequing accounts.
• D)government securities.
• E)profits earned by a financial institution.

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Definitions:

Condition Precedent

A condition under which the obligations of a contract will begin; also called “subject-to” clause.

Frustration

Interference with a contract by some outside, unforeseen event that makes performance impossible or essentially different in nature.

Equitable Remedy

A judicial order enforcing a party to act or refrain from acting in a certain way, used when monetary compensation does not suffice to resolve a legal dispute.

Frustration Clause

A frustration clause in a contract is a provision that releases both parties from their obligations if an unforeseeable event occurs, making it impossible to fulfill the contract.