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What Is a Banking Panic,and What Role Did Banking Panics

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Essay

What is a banking panic,and what role did banking panics play in the decision by Congress to establish the Federal Reserve?


Definitions:

Mistake

An incorrect belief or understanding about something, which can affect contracts or other legal agreements when material to the transaction.

Complete Performance

The full and exact fulfillment of all terms and obligations stipulated in a contract.

Less-Than Complete Performance

The execution of a contractual obligation in which some elements or aspects have been left unfulfilled or partially completed.

Intellectual Property

Legal rights that result from intellectual activity in the industrial, scientific, literary, and artistic fields.

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