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Describe three major differences between operating and financial leases, pointing out how these differences reflect varying lessor and lessee situations.
Certified Check
A personal check for which the issuing bank guarantees payment by certifying that sufficient funds are available and set aside.
Liable
Legally responsible or obligated, often in the context of owing compensation for harm or damages caused.
Liability
A legal responsibility for one's actions or omissions, which may result in having to pay damages or make restitution in a civil lawsuit.
Instrument
A legal document formally evidencing a right, obligation, or financial transaction.
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