Debit Cards Are

question 27

Multiple Choice

Debit cards are

• A) counted as money because they perform the medium of exchange function of money.
• B) not considered money because they merely show that their owners have a relationship to money.
• C) are counted as a part of M2 but not M1.
• D) counted as money because they provide access to their owners' checkable deposits.

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Definitions:

Implied in Fact Contract

An agreement formed by actions and conduct of the parties involved, rather than written or spoken words.

Void Contract

An agreement that is not legally binding and is unenforceable by law, typically because it lacks one or more essential elements of a valid contract.

Incompetent

Lacking the necessary skills, abilities, or legal qualifications to perform a task or to stand trial.

Binding Agreement

A legally enforceable contract that obligates the parties involved to adhere to the terms outlined within the agreement.