Terrance’s cell phone carrier would charge him $250 to cancel his current contract. If Terrance wants to change cell phone carriers, the $250 he would have to pay is considered a cost.

Early Termination Fee (ETF)

Explanation:

Early Termination Fee is the fee that merchant account providers expect when a merchant closes its carrier plan processing agreement before the agreed date

so The Fee $250  is called a penalty and falls under the larger category of contract penalty and is also called a financial penalty

The validity of issues is very debatable when it comes to cell phones.

so it is called the Early Termination Fee (ETF).

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