What Do We Mean When We Say That a Good

question 18

Essay

What do we mean when we say that a good is excludable?

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Definitions:

Payor

A payor, in financial transactions, is the party that makes a payment to another party, the payee, often in fulfillment of an obligation such as a bill, loan, or settlement.

Acceptor

The party who agrees to pay a bill of exchange, such as a draft or check, upon its presentation.

Primarily Liable

Being the first or main party responsible for fulfilling an obligation or debt.

Notice Of Dishonor

A formal notification that a negotiable instrument, such as a check or promissory note, has been presented for payment and refused.