Which of the Following Is a Condition for Liability in General

question 26

Multiple Choice

Which of the following is a condition for liability in general?

• A) Presentment waived
• B) Unaccepted draft
• C) Notice of dishonor excused
• D) Warranty liability
• E) Transfer of warranty

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Definitions:

Ordinary Interest

interest calculated on a loan or investment based on a 360-day year, commonly used in banking and finance.

Exact Interest

Interest calculation method utilizing the actual number of days in the interest period and a 365-day year to determine the accurate interest due.

Simple Interest

Interest calculated solely on the principal amount of a loan or investment, without compounding over time.

360-Day Year

This is a simplified method used in some financial calculations where the year is assumed to have 360 days for ease of interest computation.