Which of the Following Is a Difference Between Commercial Banks

question 12

Multiple Choice

Which of the following is a difference between commercial banks and credit unions?

• A)Commercial banks issue loans while credit unions do not.
• B)You must have a credit card to be part of a credit union.
• C)Commercial banks have stockholders and credit unions do not.
• D)Commercial banks are for people with a common bond.

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Definitions:

Breach-of-Contract

An act of breaking the terms set out in a contract, which can lead to legal consequences and damages.

Preexisting Duty Rule

A legal principle stating that performing a duty that one is already legally obligated to do is not sufficient consideration for a new contract.

Illusory Promise

A statement that appears to be a promise but does not actually bind the party to any commitment or obligation.

Redistribution of Wealth

A process or policy aimed at adjusting the distribution of wealth within a society, usually by transferring wealth from the richer to the poorer segments.