When You Select a Financial Services Provider, You May Find

question 97

Multiple Choice

When you select a financial services provider, you may find all of the following to be major factors except

• A) Company logo.
• B) Convenience.
• C) Fee structure and other charges.
• D) Personal service.
• E) Rates for savings and borrowed funds.

---

Definitions:

Forbearance

Forbearance is the action of refraining from enforcing a right, obligation, or debt in a legal agreement, usually as an act of leniency by the creditor.

Sufficient Consideration

A legal concept indicating that the value exchanged in a contract is recognized as adequate, making the contract binding and enforceable.

Illusory Promise

A situation in which a party appears to commit to something but really has not committed to anything. It is not a promise and thus not consideration.

Promissory Estoppel

A legal principle that prohibits a party from withdrawing a promise made to another party if the latter has relied on that promise to their detriment.