Explain the Difference Between a Debit and a Credit Card

question 46

Essay

Explain the difference between a debit and a credit card and discuss the potential liability for a lost or stolen card.

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Definitions:

Bilateral

Involving two parties, groups, or countries, especially in agreements or negotiations.

Rescission

The act of canceling a contract and returning all parties involved to their pre-contractual state, often due to fraud or mistake.

Contract

A legally binding agreement between two or more parties that outlines rights and duties each party is obliged to fulfill.

Duress

A condition wherein a person performs an act as a result of violence, threat, or other pressure against the person.