Question 1

Asking that all sources of income be revealed on a credit application is prohibited by the ECOA.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following questions is prohibited under the ECOA?

Accepted Answer

A) "Will your husband approve of you getting this credit card?" 
B) "Are you now pregnant or are you planning to be?" 
C) "We don't count public assistance income." 
D) All of the above are ECOA violations. 
A) "Will your husband approve of you getting this credit card?" 
B) "Are you now pregnant or are you planning to be?" 
C) "We don't count public assistance income." 
D) All of the above are ECOA violations.

Question 3

Abe and Gabriel entered into a contract for Abe to furnish landscaping services for Gabriel's office complex.The contract provides the fee will be $75 per month.At the time Gabriel signs the agreement,the two discuss the fact that the services required in the winter will be less and the fee will be reduced to $50 per month.Abe adds as Gabriel is signing,"I just forgot to put that sliding scale in this contract.Don't worry - I'll take care of it because we understand each other." Gabriel:

Accepted Answer

A) will be permitted to introduce evidence about the winter fee reduction. 
B) will only need to pay $50 during the winter months. 
C) will pay $75 per month every month because of parol evidence. 
D) none of the above 
A) will be permitted to introduce evidence about the winter fee reduction. 
B) will only need to pay $50 during the winter months. 
C) will pay $75 per month every month because of parol evidence. 
D) none of the above

Question 4

Which of the following contract subject matters must be evidenced by a writing to be enforceable under the statute of frauds?

Accepted Answer

A) a contract for the sale of an easement for $75 
B) a contract for the sale of a computer monitor for $220 
C) a contract for consulting for 6 months @ $10,000 per month plus expenses 
D) All of the above must be in writing. 
A) a contract for the sale of an easement for $75 
B) a contract for the sale of a computer monitor for $220 
C) a contract for consulting for 6 months @ $10,000 per month plus expenses 
D) All of the above must be in writing.

Question 5

Which of the following questions on a credit application violates the ECOA?

Accepted Answer

A) "List your place of employment." 
B) "Other sources of income - if you wish to have them considered in your credit evaluation." 
C) "Length of time in current residence." 
D) "Monthly child support income." 
A) "List your place of employment." 
B) "Other sources of income - if you wish to have them considered in your credit evaluation." 
C) "Length of time in current residence." 
D) "Monthly child support income."

Question 6

Christiansen Motors ran an ad in the Saturday newspaper with the following language,"The first 10 customers who come to the dealership and purchase a car will get 0% financing for 4 years on any car." Greta Jones went to Christiansen's show room to buy a car with 0% financing,but Christiansen refused to sell a car at 0% financing because it had already sold 10 cars before Greta arrived.Which of the following is correct?​

Accepted Answer

A) ​Christiansen must sell a car to Greta at 0% financing because it ran an ad promising to do so. 
B) ​Christiansen needed to be more careful in its language and put a time limit on the offer or sell a car to Greta for the promised rate. 
C) Christiansen made an offer with its newspaper ad. 
D) Christiansen did not make an offer and was not obligated to sell the first 10 cars. 
E) Christiansen need not sell a car to Greta for the rate in the ad. 
A) ​Christiansen must sell a car to Greta at 0% financing because it ran an ad promising to do so. 
B) ​Christiansen needed to be more careful in its language and put a time limit on the offer or sell a car to Greta for the promised rate. 
C) Christiansen made an offer with its newspaper ad. 
D) Christiansen did not make an offer and was not obligated to sell the first 10 cars. 
E) Christiansen need not sell a car to Greta for the rate in the ad.

Question 7

Requiring credit references for members of one race but not for another is a violation of the ECOA.

Accepted Answer

A) True 
 B)False

Question 8

A record,such as an e-mail or fax,now satisfies the writing requirement under both the UCC and common law.

Accepted Answer

A) True 
 B)False

Question 9

UETA has not yet been adopted in all of the states.

Accepted Answer

A) True 
 B)False

Question 10

A merchant's firm offer requires consideration to be valid.

Accepted Answer

A) True 
 B)False

Question 11

Under CARD,the terms of the credit card must be:

Accepted Answer

A) sent to the customers. 
B) printed on paper. 
C) posted on the Internet. 
D) all of the above. 
A) sent to the customers. 
B) printed on paper. 
C) posted on the Internet. 
D) all of the above.

Question 12

An acceptance of a stipulated means offer by a different means is effective upon receipt.

Accepted Answer

A) True 
 B)False

Question 13

Stan James carelessly left his wallet in the restroom of a gas station while on a business trip.He did not realize his wallet was gone until eight hours later when he went to check into his hotel.Stan called the credit card companies immediately,only to learn that the thief had charged $2000 on his American Express card,$450 on his MasterCard,and $75 on his gas credit card.Stan James' maximum liability on the cards is:

Accepted Answer

A) $0. 
B) $50 per card. 
C) $50. 
D) none of the above 
A) $0. 
B) $50 per card. 
C) $50. 
D) none of the above

Question 14

"This offer is limited to these terms," means that between merchants only immaterial terms added in the acceptance will be part of the contract.

Accepted Answer

A) True 
 B)False

Question 15

The subprime lending market is also called the predatory lending market.

Accepted Answer

A) True 
 B)False

Question 16

Quasi contracts are implied-in-law contracts.

Accepted Answer

A) True 
 B)False

Question 17

The liability limitation for credit card holders who report a loss or theft is $50.

Accepted Answer

A) True 
 B)False

Question 18

Trevor Jones accepted a summer internship with Hailey & Thomas,a management consulting firm.The negotiations and offer were all oral.Hailey & Thomas' managing partner did send a letter with the following language:??Welcome to Hailey & Thomas.We are looking forward to working with you.When you arrive in New York,please call me so that we may help you locate lodging for the summer.
-Discuss whether Trevor has a contract and if he has sufficient proof of its existence.Also discuss whether the agreement needed to be in writing.

Accepted Answer

The agreement did not need to be in writ

Question 19

The UCC rules on additional terms in acceptance are the same for merchants and nonmerchants.

Accepted Answer

A) True 
 B)False

Question 20

Under E-Sign,clicking on a tab that reads "I accept" is a valid acceptance to an offer.

Accepted Answer

A) True 
 B)False

Asking that all sources of income be revealed on a credit application is prohibited by the ECOA.

Which of the following questions is prohibited under the ECOA?

Which of the following contract subject matters must be evidenced by a writing to be enforceable under the statute of frauds?

Which of the following questions on a credit application violates the ECOA?

Requiring credit references for members of one race but not for another is a violation of the ECOA.

A record,such as an e-mail or fax,now satisfies the writing requirement under both the UCC and common law.

UETA has not yet been adopted in all of the states.

A merchant's firm offer requires consideration to be valid.

Under CARD,the terms of the credit card must be:

An acceptance of a stipulated means offer by a different means is effective upon receipt.

"This offer is limited to these terms," means that between merchants only immaterial terms added in the acceptance will be part of the contract.

The subprime lending market is also called the predatory lending market.

Quasi contracts are implied-in-law contracts.

The liability limitation for credit card holders who report a loss or theft is $50.

The UCC rules on additional terms in acceptance are the same for merchants and nonmerchants.

Under E-Sign,clicking on a tab that reads "I accept" is a valid acceptance to an offer.

Introduction to Law

Business Ethics and Social Responsibility

The Judicial System

Managing Disputes: Alternative Dispute Resolution and Litigation Strategies

Business and the Constitution

Administrative Law

International Law

Business Crime

Business Torts

Environmental Regulation and Sustainability

Contracts and Sales: Performance,Remedies,and Collection

Product Advertising and Liability

Business Competition: Antitrust

Business and Intellectual Property Law

Management of Employee Conduct: Agency

Governance and Structure: Forms of Doing Business

Governance and Regulation: Securities Law

Management of Employee Welfare

Management: Employment Discrimination

Filters

Exam 11: Contracts and Sales: Introduction and Formation

Asking that all sources of income be revealed on a credit application is prohibited by the ECOA.

Which of the following questions is prohibited under the ECOA?

Which of the following contract subject matters must be evidenced by a writing to be enforceable under the statute of frauds?

Which of the following questions on a credit application violates the ECOA?

Requiring credit references for members of one race but not for another is a violation of the ECOA.

A record,such as an e-mail or fax,now satisfies the writing requirement under both the UCC and common law.

UETA has not yet been adopted in all of the states.

A merchant's firm offer requires consideration to be valid.

Under CARD,the terms of the credit card must be:

An acceptance of a stipulated means offer by a different means is effective upon receipt.

"This offer is limited to these terms," means that between merchants only immaterial terms added in the acceptance will be part of the contract.

The subprime lending market is also called the predatory lending market.

Quasi contracts are implied-in-law contracts.

The liability limitation for credit card holders who report a loss or theft is $50.

The UCC rules on additional terms in acceptance are the same for merchants and nonmerchants.

Under E-Sign,clicking on a tab that reads "I accept" is a valid acceptance to an offer.

Introduction to Law

Business Ethics and Social Responsibility

The Judicial System

Managing Disputes: Alternative Dispute Resolution and Litigation Strategies

Business and the Constitution

Administrative Law

International Law

Business Crime

Business Torts

Environmental Regulation and Sustainability

Contracts and Sales: Performance,Remedies,and Collection

Product Advertising and Liability

Business Competition: Antitrust

Business and Intellectual Property Law

Management of Employee Conduct: Agency

Governance and Structure: Forms of Doing Business

Governance and Regulation: Securities Law

Management of Employee Welfare

Management: Employment Discrimination

Filters