Max receives 2 new credit cards in the mail on Dec. 1. He had applied for the one from Home Depot, and the other arrives unsolicited from Chase bank. During the month of Dec., Max makes numerous credit card purchases from Home Depot, but he does not use the Chase bank card. On Dec 31, a burglar breaks into Max's apartment and steals both credit cards, along with other items. Max notifies Home Depot of the theft on Jan. 2, but he fails to notify Chase bank. Using the Home Depot credit card, the burglar makes a $500 purchase on Jan. 1 and a $200 purchase on Jan. 2. The burglar then purchases tickets to a concert on the Chase card for $1,000 on Jan 5. Max receives the bills for these charges and refuses to pay for them. Discuss Maxs liability for each of these credit cards.

Business Law Course - Answer need to use legal terms.