If a Bank Is Both the Drawer and the Drawee

question 36

Multiple Choice

If a bank is both the drawer and the drawee with regard to a draft,then the draft is a

• A)certificate of deposit.
• B)cashier's check.
• C)nonnegotiable instrument.
• D)promissory note.

Identify and explain the essential functions of law.

Describe the system of law in the United States including its formation and sources.

Define the doctrine of stare decisis and its impact on the legal system.

Differentiate between civil law and civil law systems, and understand their applications.

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Definitions:

Deliverable State

The condition of a commodity or item being suitable for delivery to fulfill the terms of a contract.

Notified

Being informed or made aware of information, actions, or requirements officially or formally.

Specific Performance

A legal remedy in contracts where the court orders the party who breached the contract to perform the promised duty as outlined in the contract.

Breach of Contract

The failure to perform any term of a contract, written or oral, without a legitimate legal excuse.