Contact and Proximity Are Two Types of Smart Card Readers

question 17

True/False

Contact and proximity are two types of smart card readers.

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Definitions:

Lease

A contractual agreement where one party, the lessor, grants the other party, the lessee, the right to use an asset for a specified period in exchange for payment.

Illusory Promise

A statement that appears to be a promise but, upon closer examination, offers no commitment or assurance to act.

Option Contract

An agreement whereby the offeree gives the offeror a piece of consideration in exchange for the offeror’s agreement to hold the offer open for the specified period of time.

Valid Promise

A pledge or commitment within a contract that meets all legal requirements, making it enforceable by law.