Which One of the Following Statements Is NOT True

question 71

Multiple Choice

Which one of the following statements is NOT true?

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Definitions:

Holder

An individual or entity that legally possesses a negotiable instrument, such as a check, bill of exchange, or promissory note, and has the right to receive the amount specified therein from the payer.

For Deposit Only

An endorsement on a check specifying that the check must be deposited into an account and not cashed.

Negotiation

The process in which two or more parties discuss an issue with the aim of reaching a mutually acceptable agreement.

Breach

A violation or infringement of a legal obligation, contract, or duty.