Mike Has a MasterCard with an Annual Fee of $25,18

question 69

Multiple Choice

Mike has a MasterCard with an annual fee of $25,18% interest,and a $1,000 credit limit.He always pays the total outstanding balance monthly.His most recent monthly statement lists last month's payment,new charges this month totaling $1,500,and a $30 fee.That fee is most likely the result of

• A) interest charges.
• B) his annual fee.
• C) an over-the-limit fee.
• D) a late payment.
• E) transaction fees on purchases.

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Definitions:

Promissory Estoppel

A law that stops someone from going back on a commitment they've made to another if the second party has trusted this promise to their own disadvantage.

Promissory Estoppel

A judicial doctrine that forbids a party from revoking an assurance given to another party if the recipient has legitimately acted on that promise to their detriment.

Quasi Contract

A legal concept where a court imposes a contractual obligation on a party who has not expressly consented to it, to prevent unjust enrichment.

Illusory Promise

An agreement that lacks a firm commitment or terms, making it unenforceable by law.