Personal Finance Chapter 9 Checking Accounts & Bank Services

In a contract, ______________ means legally collectible.

• notarized

• negotiable

• binding

• nonnegotiable

A legally enforceable agreement between two or more people.

• approval

• contract

• application

An express contract can be oral or written.

• true

• false

A _______________ contract is not written but is created by the actions or conduct of someone.

• implied

• express

To accomplish its purpose, a contract must be ________________ .

• binding

• written

• oral

The _______________ is a new offer because it changes the original offer.

• lateral offer

• front offer

• side offer

• counteroffer

___________________ is something of value exchanged for something else of value

• consideration

• counteroffer

• front offer

• lateral offer

The person who creates and signs the promissory note and agrees to pay it on a certain date is called ________________ .

• co-signer

• payer

• maker

• payee

A ________________ is a person who promises to pay the debt of another person.

• payee

• co-signer

• maker

• contributor

A guarantee is also called a _________________ .

• binder

• label

• warranty

• notice