Stored Value (Or Gift) Cards

question 2

Multiple Choice

Stored value (or gift) cards:

• A) look nothing like typical debit cards.
• B) have decreased in popularity since the mid-1990s.
• C) work the same as a credit card.
• D) may be eroded by fees and eventually expire.
• E) are currently being used for very limited purposes.

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Definitions:

Contract Terms

Clauses and conditions outlined in a contract that determine the rights and obligations of the involved parties.

Age of Majority

The legal age at which an individual is recognized as an adult and can engage in activities such as voting and signing contracts.

Illegal Subject

Refers to a topic or matter that is prohibited by law and cannot legally be the subject of a contract or agreement.

Voidable Contract

A contract that may be legally declared invalid by one party due to factors such as fraud or lack of capacity to consent.