An E-Contract Must Meet the Same Basic Requirements as Those

question 10

True/False

An e-contract must meet the same basic requirements as those required of a paper contract.

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Definitions:

Deposits

Funds placed into an account at a banking institution, typically earning interest over time.

Compounds Interest

Refers to the addition of interest to the principal sum of a loan or deposit, or in other words, interest on interest. It is the result of reinvesting interest, rather than paying it out, so that interest in the next period is then earned on the principal sum plus previously accumulated interest.

Future Value

The value of an investment at a specified date in the future, taking into account factors like interest rates and compounding.

Compounded Monthly

Refers to the process of calculating interest on both the initial principal and accrued interest from previous periods on a monthly basis.