Question 1

Under the FDCPA,collectors identified as such can use postcards to contact debtors.

Accepted Answer

A) True 
 B)False  False

Question 2

The three-day-cooling-off period applies to:

Accepted Answer

A) credit contracts in which a security interest in the home is given. 
B) second mortgages on homes. 
C) both a and b 
D) none of the above 
A) credit contracts in which a security interest in the home is given. 
B) second mortgages on homes. 
C) both a and b 
D) none of the above C

Question 3

A seller recovering the difference between his resale price and the buyer's original contract price is an example of:

Accepted Answer

A) compensatory damages. 
B) incidental damages. 
C) liquidated damages. 
D) none of the above 
A) compensatory damages. 
B) incidental damages. 
C) liquidated damages. 
D) none of the above A

Question 4

People from the United States pledged $3.3 billion to support the rebuilding efforts in Haiti following the 2010 earthquake there.However,after 3 years,half of the money has not been dispersed,and nearly 500,000 people still live in tents.As a result,many who have made pledges have decided not to fulfill the remainder of their pledges because of the inaction on the part of the relief fund in getting the funds dispersed,the buildings rebuilt,and the housing constructed.
-What issue is there about whether there is a contractual obligation?

Accepted Answer

A) Whether a pledge to make a gift is supported by consideration. 
B) Whether there can be a pledge across country borders. 
C) The inability to enforce international contracts. 
D) Whether the pledges were in writing. 
A) Whether a pledge to make a gift is supported by consideration. 
B) Whether there can be a pledge across country borders. 
C) The inability to enforce international contracts. 
D) Whether the pledges were in writing.

Question 5

Force majeure clauses:

Accepted Answer

A) are liquidated damages clauses. 
B) are void. 
C) serve to shift the risk of unforeseen events. 
D) none of the above 
A) are liquidated damages clauses. 
B) are void. 
C) serve to shift the risk of unforeseen events. 
D) none of the above

Question 6

The Fair Debt Collections Practices Act applies to both commercial and consumer debt.

Accepted Answer

A) True 
 B)False

Question 7

The FCRA does not give the debtor a right of correction.

Accepted Answer

A) True 
 B)False

Question 8

Under the FCRA,the 100-word statement allows debtors to clarify their past credit experiences.

Accepted Answer

A) True 
 B)False

Question 9

An accord and satisfaction is a void contract.

Accepted Answer

A) True 
 B)False

Question 10

Incidental and consequential damages are the same types of damages.

Accepted Answer

A) True 
 B)False

Question 11

Material information is something that would affect the decision to buy or sell.

Accepted Answer

A) True 
 B)False

Question 12

Regulation Z provides the details of compliance with the Fair Credit Billing Act.

Accepted Answer

A) True 
 B)False

Question 13

Sue and Kevin Kellman signed a contract for the construction of a cabin near Pinetop.In building the $562,000 cabin,the builder discovered that it had to put the vent for the heating system in the area where the hall closet is located.The result was that the Kellman's had a half-closet there instead of a full-length closet that was open to the floor.The Kellmans:

Accepted Answer

A) need not pay for the cabin because of this material breach. 
B) can be compensated under the doctrine of force majeure. 
C) can be compensated under the doctrine of commercial impracticability. 
D) can be compensated under the doctrine of substantial performance. 
A) need not pay for the cabin because of this material breach. 
B) can be compensated under the doctrine of force majeure. 
C) can be compensated under the doctrine of commercial impracticability. 
D) can be compensated under the doctrine of substantial performance.

Question 14

The Fair Debt Collections Practices Act applies to attorneys only if they are doing the collection on a percentage basis.

Accepted Answer

A) True 
 B)False

Question 15

Incidental damages are the costs of being compensated and are nonrecoverable.

Accepted Answer

A) True 
 B)False

Question 16

Chapter 13 bankruptcy is only available to consumers.

Accepted Answer

A) True 
 B)False

Question 17

The Fair Debt Collections Practices Act applies to:

Accepted Answer

A) collection agencies. 
B) all consumer credit businesses. 
C) the IRS. 
D) banks. 
E) all of the above 
A) collection agencies. 
B) all consumer credit businesses. 
C) the IRS. 
D) banks. 
E) all of the above

Question 18

Fraud is misrepresentation with intent to mislead or deceive.

Accepted Answer

A) True 
 B)False

Question 19

Weldon Newfield was having a custom home built.He had a list of certain materials the contractor was to use in building the $270,000 home.Newfield was in Europe and the contractor could not find "Reading Copper Pipe" - one of the required materials.Since Newfield could not be reached and the contractor was under a time schedule,the decision was made to use another brand of copper pipe.When Newfield returned and learned of the problem,he refused to pay any remaining amounts due on the contract ($235,000).Can Newfield do that?

Accepted Answer

No,doctrin

Question 20

The contracts of a person who has been declared legally incompetent are void.

Accepted Answer

A) True 
 B)False

Under the FDCPA,collectors identified as such can use postcards to contact debtors.

The three-day-cooling-off period applies to:

A seller recovering the difference between his resale price and the buyer's original contract price is an example of:

Force majeure clauses:

The Fair Debt Collections Practices Act applies to both commercial and consumer debt.

The FCRA does not give the debtor a right of correction.

Under the FCRA,the 100-word statement allows debtors to clarify their past credit experiences.

An accord and satisfaction is a void contract.

Incidental and consequential damages are the same types of damages.

Material information is something that would affect the decision to buy or sell.

Regulation Z provides the details of compliance with the Fair Credit Billing Act.

The Fair Debt Collections Practices Act applies to attorneys only if they are doing the collection on a percentage basis.

Incidental damages are the costs of being compensated and are nonrecoverable.

Chapter 13 bankruptcy is only available to consumers.

The Fair Debt Collections Practices Act applies to:

Fraud is misrepresentation with intent to mislead or deceive.

The contracts of a person who has been declared legally incompetent are void.

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: Introduction and Formation

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 12: Contracts and Sales: Performance,Remedies,and Collection

Under the FDCPA,collectors identified as such can use postcards to contact debtors.

The three-day-cooling-off period applies to:

A seller recovering the difference between his resale price and the buyer's original contract price is an example of:

Force majeure clauses:

The Fair Debt Collections Practices Act applies to both commercial and consumer debt.

The FCRA does not give the debtor a right of correction.

Under the FCRA,the 100-word statement allows debtors to clarify their past credit experiences.

An accord and satisfaction is a void contract.

Incidental and consequential damages are the same types of damages.

Material information is something that would affect the decision to buy or sell.

Regulation Z provides the details of compliance with the Fair Credit Billing Act.

The Fair Debt Collections Practices Act applies to attorneys only if they are doing the collection on a percentage basis.

Incidental damages are the costs of being compensated and are nonrecoverable.

Chapter 13 bankruptcy is only available to consumers.

The Fair Debt Collections Practices Act applies to:

Fraud is misrepresentation with intent to mislead or deceive.

The contracts of a person who has been declared legally incompetent are void.

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: Introduction and Formation

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