Debit Cards Are the Electronic Equivalent of a Check, but Neither

question 38

True/False

Debit cards are the electronic equivalent of a check, but neither debit cards nor checks are money.

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Definitions:

Limitations

Limitations refer to the restricted time period within which legal action must be initiated, as dictated by statutes of limitations.

Request

The act of politely or formally asking for something.

Promissory Estoppel

The principle that when a gratuitous promise to do something in the future causes a person who relies on that promise to incur an expense, the promisor will not be allowed to enforce other contractual rights that are inconsistent with that promise; the promise can only be used as a defense by the promisee; also known as equitable estoppel.

Discharged

The state of being released from an obligation, duty, or debt, often legally or officially.