ABC Credit Union Began Offering a "Sweep Account," in Which

question 82

Multiple Choice

ABC Credit Union began offering a "Sweep Account," in which funds over $500 in a checking account would be "swept" into a money-market, interest-bearing, account until the checking account reached $100, at which point, funds from the money market account would be "swept" back into the checking account. This is an example of a ____ change.

• A) product or service
• B) technological
• C) strategy and structure
• D) people

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Definitions:

Contract Terms

The specific provisions, conditions, and stipulations that define the agreement and obligations between parties in a contract.

Subject to the Equities

A condition indicating that rights or claims are governed by or contingent upon the principles of equity or fairness in a legal context.

Caveat Emptor

A Latin term meaning "let the buyer beware," advocating that the buyer alone is responsible for checking the quality and suitability of goods before a purchase is made.

Misrepresentation

The provision of false, misleading, or incorrect information about a material fact, intentionally or unintentionally, in a contractual agreement.