Checks Drawn on Banks That Do Not Participate in a Bank's

question 25

Multiple Choice

Checks drawn on banks that do not participate in a bank's local clearing house or exchange are called

• A)remote items
• B)presentment items
• C)courier items
• D)transit items

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Definitions:

Restitution

The act of compensating for loss, damage, or injury; in legal contexts, it often refers to returning the victim to their original position before the harm occurred.

Quasi Contract

A legal concept where a court enforces an obligation between two parties who have not agreed to an actual contract, to prevent one party from being unjustly enriched.

Oral Contracts

Agreements between parties that are made verbally and not memorialized in writing, yet are still legally binding in many cases.

Reformation

A court-ordered correction of a written contract so that it reflects the true intentions of the parties.