Failure to Present an Instrument on Time Is Not Improper

question 39

True/False

Failure to present an instrument on time is not improper presentment.

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Definitions:

Strict Liability

A legal doctrine where a party is responsible for damages or loss, not due to negligence or intent, but because they are in a certain activity or role.

Dangerous Substances

Materials that can pose a risk to health, safety, or the environment due to their hazardous properties.

Harm

Harm refers to physical injury, psychological distress, financial loss, or damage to property caused by another's actions or negligence.

GAAP

Generally Accepted Accounting Principles, a set of rules encompassing the details, complexities, and legalities of business and corporate accounting.