Question 1

The FCRA prohibits the disclosure of a bankruptcy that occurred eight years ago.

Accepted Answer

A) True 
 B)False

Question 2

Diana and Charles Windsor are considering purchasing a swimming pool.The representatives of Fun-in-the-Sun Pool arrange a meeting at the Windsor's home to discuss the price and draw up plans.The Windsors sign a contract for the pool for a price of $12,000 with payments of $3000 each month for the next four months while the pool is under construction.The Windsors also agree to pay a carrying charge for the payments of $250.00.Two days after signing the contract,the backhoe operator arrives ready to dig the pool,but Charles tells him the contract is off.The Windsors:

Accepted Answer

A) have breached their contract and will be liable to Fun-in-the-Sun for damages. 
B) are protected by their three-day rescission rights under Regulation Z. 
C) do not have the three-day rescission rights since there are no monthly installment payments over a period of one year. 
D) none of the above 
A) have breached their contract and will be liable to Fun-in-the-Sun for damages. 
B) are protected by their three-day rescission rights under Regulation Z. 
C) do not have the three-day rescission rights since there are no monthly installment payments over a period of one year. 
D) none of the above

Question 3

An example of a condition precedent in an audit contract is access by the auditor to financial information.

Accepted Answer

A) True 
 B)False

Question 4

The failure to make a timely investigation into a consumer's question about his/her credit report is a violation of the FCRA.

Accepted Answer

A) True 
 B)False

Question 5

The difference between fraud and misrepresentation is knowledge.

Accepted Answer

A) True 
 B)False

Question 6

List what cannot be disclosed in a credit report for a $2,000 loan.

Accepted Answer

Bankruptcies longer than 10 ye

Question 7

The FDCPA applies to collection agencies and original creditors.

Accepted Answer

A) True 
 B)False

Question 8

Duress requires proof of:

Accepted Answer

A) physical force. 
B) threat of physical force. 
C) deprivation of a meaningful choice. 
D) none of the above 
A) physical force. 
B) threat of physical force. 
C) deprivation of a meaningful choice. 
D) none of the above

Question 9

The seller's cost of running another ad in order to sell the car that a buyer breached a contract on is an example of consequential damages.

Accepted Answer

A) True 
 B)False

Question 10

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 would be their grounds for terminating the payment of their pledges?

Accepted Answer

A) Misrepresentation 
B) Lack of performance 
C) Fraud 
D) Undue influence 
A) Misrepresentation 
B) Lack of performance 
C) Fraud 
D) Undue influence

Question 11

The types of statements that qualify for express warranties also qualify as a basis for misrepresentation.

Accepted Answer

A) True 
 B)False

Question 12

Contracts by minors to enter the military are generally viewed as unenforceable.

Accepted Answer

A) True 
 B)False

Question 13

"Only those on the cutting edge of technology have this product," is an example of puffing.

Accepted Answer

A) True 
 B)False

Question 14

Undue influence requires the presence of:

Accepted Answer

A) a fiduciary relationship. 
B) some threat or force. 
C) a lack of capacity in the contracting party. 
D) none of the above 
A) a fiduciary relationship. 
B) some threat or force. 
C) a lack of capacity in the contracting party. 
D) none of the above

Question 15

Doug Weston had a six-month apartment lease.The lease provided that if Doug ended the lease early,he would be required to forfeit his security deposit and his last month's rent.This provision in the lease agreement:​

Accepted Answer

A) ​is void as against public policy. 
B) ​is a liquidated damages clause. 
C) is an assignment of benefits. 
D) is substantial performance. 
A) ​is void as against public policy. 
B) ​is a liquidated damages clause. 
C) is an assignment of benefits. 
D) is substantial performance.

Question 16

Which of the following sections of the federal bankruptcy laws deals with consumer debt adjustment plans?

Accepted Answer

A) Chapter 7 
B) Chapter 11 
C) Chapter 13 
D) CRO provisions 
A) Chapter 7 
B) Chapter 11 
C) Chapter 13 
D) CRO provisions

Question 17

Which of the following is not eligible to disclosure of a consumer debtor's credit report?​

Accepted Answer

A) ​a consumer debtor requesting the report without a credit application pending 
B) ​a creditor who has a signed credit application from the consumer debtor 
C) a potential employer 
D) the spouse of the consumer debtor 
A) ​a consumer debtor requesting the report without a credit application pending 
B) ​a creditor who has a signed credit application from the consumer debtor 
C) a potential employer 
D) the spouse of the consumer debtor

Question 18

How long does a creditor have to respond to a debtor who has raised billing questions?​

Accepted Answer

A) ​30 days 
B) ​60 days 
C) 90 days 
D) 120 days 
A) ​30 days 
B) ​60 days 
C) 90 days 
D) 120 days

Question 19

A contract signed at home for the installation of a pool under a 90-days-same as cash agreement is not subject to the 3-day rescission period.

Accepted Answer

A) True 
 B)False

Question 20

Bethany Tolson had a contract to supply ice to Jake's Creamery.Bethany found that the demands for her ice were exceeding her ability to supply it and she recruited Callie Oldham to take over her supply contract for Jake.Bethany,Jake,and Callie all sign an agreement to substitute Callie in the supply contract.Which of the following describes what has been done?​

Accepted Answer

A) ​accord and satisfaction 
B) ​novation 
C) modification 
D) impracticability defense 
A) ​accord and satisfaction 
B) ​novation 
C) modification 
D) impracticability defense

The FCRA prohibits the disclosure of a bankruptcy that occurred eight years ago.

An example of a condition precedent in an audit contract is access by the auditor to financial information.

The failure to make a timely investigation into a consumer's question about his/her credit report is a violation of the FCRA.

The difference between fraud and misrepresentation is knowledge.

List what cannot be disclosed in a credit report for a $2,000 loan.

The FDCPA applies to collection agencies and original creditors.

Duress requires proof of:

The seller's cost of running another ad in order to sell the car that a buyer breached a contract on is an example of consequential damages.

The types of statements that qualify for express warranties also qualify as a basis for misrepresentation.

Contracts by minors to enter the military are generally viewed as unenforceable.

"Only those on the cutting edge of technology have this product," is an example of puffing.

Undue influence requires the presence of:

Doug Weston had a six-month apartment lease.The lease provided that if Doug ended the lease early,he would be required to forfeit his security deposit and his last month's rent.This provision in the lease agreement:

Which of the following sections of the federal bankruptcy laws deals with consumer debt adjustment plans?

Which of the following is not eligible to disclosure of a consumer debtor's credit report?

How long does a creditor have to respond to a debtor who has raised billing questions?

A contract signed at home for the installation of a pool under a 90-days-same as cash agreement is not subject to the 3-day rescission period.

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

The FCRA prohibits the disclosure of a bankruptcy that occurred eight years ago.

An example of a condition precedent in an audit contract is access by the auditor to financial information.

The failure to make a timely investigation into a consumer's question about his/her credit report is a violation of the FCRA.

The difference between fraud and misrepresentation is knowledge.

List what cannot be disclosed in a credit report for a $2,000 loan.

The FDCPA applies to collection agencies and original creditors.

Duress requires proof of:

The seller's cost of running another ad in order to sell the car that a buyer breached a contract on is an example of consequential damages.

The types of statements that qualify for express warranties also qualify as a basis for misrepresentation.

Contracts by minors to enter the military are generally viewed as unenforceable.

"Only those on the cutting edge of technology have this product," is an example of puffing.

Undue influence requires the presence of:

Doug Weston had a six-month apartment lease.The lease provided that if Doug ended the lease early,he would be required to forfeit his security deposit and his last month's rent.This provision in the lease agreement:​

Which of the following sections of the federal bankruptcy laws deals with consumer debt adjustment plans?

Which of the following is not eligible to disclosure of a consumer debtor's credit report?​

How long does a creditor have to respond to a debtor who has raised billing questions?​

A contract signed at home for the installation of a pool under a 90-days-same as cash agreement is not subject to the 3-day rescission period.

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

Doug Weston had a six-month apartment lease.The lease provided that if Doug ended the lease early,he would be required to forfeit his security deposit and his last month's rent.This provision in the lease agreement:

Which of the following is not eligible to disclosure of a consumer debtor's credit report?

How long does a creditor have to respond to a debtor who has raised billing questions?