Jamie Is 19 Years Old and Wants to Apply for a Credit

question 8

Multiple Choice

Jamie is 19 years old and wants to apply for a credit card in the same bank where he is an account holder. In the context of the Credit Card Accountability, Responsibility and Disclosure Act of 2009, Jamie must:

• A) provide proof of his sources of income every three months to prove his repaying ability.
• B) have his parents or guardians cosign the credit card application.
• C) submit legal papers of his family assets to satisfy credit card application requirements.
• D) provide proof that he does not have accounts in other banks.

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Definitions:

Unilateral Contract

A contract type where only one party makes a promise in exchange for an act by the other party.

Subject Matter Illegal

Pertaining to contracts or agreements where the subject or purpose violates the law or public policy and is therefore unenforceable.

Valid Acceptance

Occurs when an offeree unequivocally agrees to the terms of an offer, thus forming a contract with clear and mutual terms.

Valid Offer

A proposal made by one party to another intended to create a legally binding agreement, provided it is accepted.