Which of the Following Accurately Presents a Major Difference Between

question 21

Multiple Choice

Which of the following accurately presents a major difference between Internet banks and traditional banks?

• A)The government does not regulate Internet banks.
• B)Traditional banks are prohibited from having ATMs.
• C)Internet banks have lower overhead costs.
• D)Traditional banks offer less personal care and attention to customers.

---

Definitions:

Notice of Assignment

A formal notification that a contract or property has been legally transferred from one party to another.

Novation

The process of replacing an existing obligation with a new one, thereby extinguishing the original contract and starting anew.

Privity of Contract

The relationship between parties in a contract that confers rights and obligations. It typically prevents a third party from enforcing or being subject to the terms of the contract.

Equitable Assignment

The transfer of future rights to benefits in property or contracts, recognized by equity rather than common law.