Jeff Had VISA Card with a Chip in It Stolen

question 54

Multiple Choice

Jeff had VISA card with a chip in it stolen from his wallet. The pin number on the card was 9471 which was the last four digits of his grandmother's phone number. The thief made $2,000 worth of fraudulent transactions on the card before the theft was discovered and the card was cancelled. The agreement Jeff had signed when he got the VISA card was the standard banking agreement. Which of the following statement is TRUE?

• A)Jeff would only be liable for $50
• B)Jeff would be liable for $100
• C)Jeff would be liable for $500
• D)Jeff would be liable for $1,000
• E)Jeff would be liable for $2,000

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Definitions:

Industrial Relations School

A perspective or academic discipline focusing on the study of employment relationships, labor laws, and collective bargaining processes.

Taft-Hartley Act

A 1947 US federal law that restricts the activities and power of labor unions, formally known as the Labor Management Relations Act.

Government Regulation

The imposition of rules by government, backed by the use of penalties that are intended to modify the economic behavior of individuals and firms in the private sector.

Union Shop Agreements

Agreements requiring all employees in a particular company or industry to become union members as a condition of their employment.