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Simple English definitions for legal terms
crossed check
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A quick definition of crossed check:
Term: Crossed Check
Definition: A crossed check is a type of check that has two parallel lines drawn across its face. This indicates that the check can only be deposited directly into a bank account and cannot be cashed. It is a security measure to prevent fraud and ensure that the money goes to the intended recipient.
Term: Cross-elasticity of Demand
Definition: Cross-elasticity of demand is a concept in economics that describes the relationship between two products that are substitutes for each other. When the price of one product changes, it affects the demand for the other product. For example, if the price of Coke increases, people may switch to Pepsi instead. This is important for businesses to understand when setting prices and competing in the market.
A more thorough explanation:
Definition: A crossed check is a type of check that has two parallel lines drawn across its face, indicating that it can only be deposited directly into a bank account and cannot be cashed by the recipient.
Example: If you receive a crossed check from someone, you cannot simply take it to a bank or check-cashing store and receive cash for it. Instead, you must deposit it into your own bank account and wait for it to clear before you can access the funds.
Explanation: Crossed checks are a security measure designed to prevent fraud and ensure that funds are only transferred between bank accounts. By requiring the check to be deposited into a bank account, it reduces the risk of the check being lost or stolen and provides a clear record of the transaction.