Standards That Determine How People View Their Responsibilities to Others

question 5

Multiple Choice

Standards that determine how people view their responsibilities to others and how they should act in situations when their own self-interest is at stake are called:

• A)Societal ethics
• B)Occupational ethics
• C)Individual ethics
• D)Organizational ethics
• E)Governmental ethics

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Definitions:

Qualified Endorsement

A clause on a negotiable instrument which limits the liability of the endorser or specifies a particular payee.

Without Recourse

A financial agreement where the seller is not liable to the purchaser for any failure of the assets or obligations sold.

Materially Altered

A change in a document or agreement that significantly affects its terms or conditions.

Holder In Due Course

A legal term for a person who has acquired a negotiable instrument in good faith and for value, and thus is protected against certain defenses and claims that could be raised against the original payee.