Electronic Funds Transfer (EFT)substantially Reduces the Collection Float for Businesses

question 25

True/False

Electronic funds transfer (EFT)substantially reduces the collection float for businesses and the disbursement float for customers.

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Definitions:

Consideration

Something of value (such as money, services, or goods) exchanged between parties in a contract.

Legally Sufficient Value

Refers to the consideration in a contract that is recognized by law as adequate to support a legal obligation or agreement.

Preexisting Duty

An obligation that one party is already legally required to perform and cannot be used as consideration for a new contract.

Consideration

In contract law, consideration refers to something of value exchanged between parties as part of an agreement.