This Organization Was Established in 1960 as the Successor to the International

question 46

Multiple Choice

This organization was established in 1960 as the successor to the international body that had administered the Marshall Plan. The principal purpose of this organization is to coordinate the key economic policies of the major industrialized countries. Identify the organization in discussion.

• A) World Trade Organization (WTO)
• B) Organization for Economic Cooperation and Development (OECD)
• C) International Monetary fund (IMF)
• D) Bureau of Industry and Security (BIS)

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Definitions:

Fictitious Payee Rule

A legal principle stating that if a negotiable instrument is issued to a fictitious payee, it may be treated as payable to bearer, affecting endorsement requirements.

Imposter Rule

A rule that holds that if one obtains a negotiable instrument by impersonating another and endorses it with the impersonated party’s signature, the loss falls on the drawer of the instrument.

Uniform Commercial Code

A comprehensive set of laws governing all commercial transactions in the United States, intended to standardize and simplify transactions across state lines.

Proper Presentment

The correct or formal presentation of a document for acceptance or payment, such as a check.