A Contractual Term

question 35

Multiple Choice

A contractual term

• A)is made with the intention to induce a contract.
• B)is a promissory statement.
• C)does not impose a contractual obligation.
• D)is a form of misrepresentation.

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Definitions:

ATM Withdrawal

The act of taking out cash from one's bank account through an Automated Teller Machine.

Usage Fee

Charges incurred for using a particular service or facility, often assessed on a periodic basis.

Compound Interest

Interest that is earned on the money deposited into an account plus previous interest.

Simple Interest

Simple interest is a calculation of interest on the principal amount of a loan or deposit, based on a fixed interest rate and period, without compounding.