For Improper Execution or Failure to Execute Payment Orders,banks Can

question 11

Multiple Choice

For improper execution or failure to execute payment orders,banks can be liable:

• A)to the originators,for their expenses in the transaction along with incidental expenses and interest losses.
• B)to the beneficiaries,for their incidental expenses.
• C)to the originators,for consequential damages.
• D)to both the originators and beneficiaries,for consequential damages even though the written agreement of the receiving bank does not provide for it.

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Definitions:

Utility Maximization

An economic principle where consumers attempt to get the greatest satisfaction possible from their available resources.

Demand Schedule

A table of numbers showing the amounts of a good or service buyers are willing and able to purchase at various prices over a specified period of time.

Utility Maximization

Utility Maximization is the economic principle that individuals or firms seek to achieve the highest satisfaction or benefit from their resources.

Marginal Utility

The extra contentment or usefulness experienced by consuming one more unit of a good or service.