What is the legal effect of using a credit card?
A) A cheque is drawn on a financial institution to pay for goods and services purchase by the credit holder.
B) The vendor selling the product advances credit to the purchaser and the debt is later paid by the card issuer.
C) The bank undertakes payment on behalf of the card issuer and the amount becomes a debt payable to the card holder.
D) The card issuer undertakes payment on behalf of the card holder and the amount becomes a debt payable by the card holder to the card issuer.
Correct Answer:
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Q1: What is a 'bill of exchange'?
A)The old
Q2: A cheque made payable to a particular
Q3: Which of the following is not expected
Q4: When a customer challenges a credit card
Q6: A mortgage is a security for a
Q7: Johnny Little borrows $300 000 from Bank
Q8: Legal tender is best defined as:
A)cash payment.
B)currency
Q9: What is the effect of 'crossing' a
Q10: What is the effect of marking a
Q11: What is 'negotiability'?
A)The name for the principle
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