For Improper Execution or Failure to Execute Payment Orders, Banks

question 13

Multiple Choice

For improper execution or failure to execute payment orders, banks can be liable to:

• A) the originators for their expenses in the transaction along with incidental expenses and interest losses.
• B) the beneficiaries for their incidental expenses.
• C) the originators for consequential damages.
• D) both the originators and beneficiaries for consequential damages, even though the written agreement of the receiving bank does not provide for it.

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Definitions:

Likely

Likely refers to a high probability or chance of something happening or being the case, often used to forecast outcomes based on current trends or evidence.

Evolution Of Money

The historical development and transformation of money from traditional bartering systems to modern digital currencies.

Physical Commodities

Raw materials or primary agricultural products that can be bought, sold, or traded, often through futures contracts.

Barter

The direct exchange of goods and services between parties without the use of money.