None of the Following Payment Systems Offers Immediate Monetary Value

question 42

Multiple Choice

None of the following payment systems offers immediate monetary value except:

• A)personal checks.
• B)credit cards.
• C)stored value/debit card.
• D)accumulating balance.

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Definitions:

Firm Offer

An offer made in writing and containing assurances that it will be irrevocable for a period of time not longer than three months despite a lack of consideration for the irrevocability.

Irrevocability Period

The timeframe during which a decision, offer, or agreement cannot be revoked or withdrawn.

UCC

Stands for the Uniform Commercial Code, a comprehensive set of laws governing all commercial transactions in the United States, intended to harmonize the law of sales and other commercial transactions across the country.

Finance Lease

A lease agreement where the lessee assumes both the risks and rewards of ownership of the asset, but legal title may not be transferred.