Question 1

A weight-loss ad claims,"Lose up to five pounds per week." Is this statement a basis for misrepresentation?

Accepted Answer

Yes,the statement could be a basis for m

Question 2

"This shirt is 100% cotton" is a statement that is puffing.

Accepted Answer

A) True 
 B)False

Question 3

What rights does a debtor have if he/she discovers inaccuracies in the credit report?

Accepted Answer

A) can ask to have it eliminated 
B) can sue for libel 
C) can provide a separate credit report 
D) all of the above 
A) can ask to have it eliminated 
B) can sue for libel 
C) can provide a separate credit report 
D) all of the above

Question 4

Unconscionability is an illegality defense.

Accepted Answer

A) True 
 B)False

Question 5

If a consumer requests a credit reporting agency to correct his/her credit report:

Accepted Answer

A) the agency must comply. 
B) the agency need only include a copy of the request in its report. 
C) any corrections made must be sent to all report recipients over the last two years. 
D) none of the above 
A) the agency must comply. 
B) the agency need only include a copy of the request in its report. 
C) any corrections made must be sent to all report recipients over the last two years. 
D) none of the above

Question 6

The difference between fraud and misrepresentation is proof of intent.

Accepted Answer

A) True 
 B)False

Question 7

An assignment is the transfer of benefits under a contract.

Accepted Answer

A) True 
 B)False

Question 8

Contracts with illegal subject matter are voidable.

Accepted Answer

A) True 
 B)False

Question 9

Credit counselors are regulated under:​

Accepted Answer

A) ​the Fair Debt Collections Practices Act. 
B) ​Dodd-Frank - Consumer Financial Protection Act. 
C) the Credit Repair Organizations Act. 
D) the Fair Credit Billing Act. 
A) ​the Fair Debt Collections Practices Act. 
B) ​Dodd-Frank - Consumer Financial Protection Act. 
C) the Credit Repair Organizations Act. 
D) the Fair Credit Billing Act.

Question 10

Incidental damages include:​

Accepted Answer

A) ​the costs of finding substitute buyers or goods. 
B) ​liquidated damages. 
C) the difference in the cost of the goods. 
D) all of the above 
A) ​the costs of finding substitute buyers or goods. 
B) ​liquidated damages. 
C) the difference in the cost of the goods. 
D) all of the above

Question 11

Dee's Caterers contracted with Glen Allen Peanut Farms for the purchase of a one year's supply of peanuts for Dee's business.The price was $1.21 per pound.The Glen Allen Peanut Farms was hit by a frost that damaged most of its crops and left what remained with an odd taste.Because other peanut farms also fell victim to the frost,the price of peanuts rose to $3.37 per pound.Dee's demanded delivery.Glen Allen said it would cost too much to perform.Must Glen Allen perform? What damages would Dee's have?

Accepted Answer

Glen Allen has tried the defense of comm

Question 12

A television rent-to-own contract that requires 24 payments of $30 each before the renter owns the $199 television set is unconscionable.

Accepted Answer

A) True 
 B)False

Question 13

Duress requires proof of physical force.

Accepted Answer

A) True 
 B)False

Question 14

Akon had an idea for a website called "Fantrace," a site that would help celebrities connect with their fans.Akon entered into an agreement with Broomfield for his help in building the site and Khalilian to help with marketing.Broomfield had recommended his friend,Khalilian,for the project because of his connections with celebrities.However,Broomfield did not tell Akon that he knew that Khalilian was a liar and that he had also been in prison.When things did not go well in working with the two,Akon sought to set aside the contract on the grounds of misrepresentation.Which of the following is correct?

Accepted Answer

A) Withholding information is not misrepresentation. 
B) Broomfield had no obligation to make any disclosures about his friend. 
C) Akon can have the contract rescinded on the grounds of misrepresentation. 
D) Intent is not present, so there is no case for misrepresentation. 
A) Withholding information is not misrepresentation. 
B) Broomfield had no obligation to make any disclosures about his friend. 
C) Akon can have the contract rescinded on the grounds of misrepresentation. 
D) Intent is not present, so there is no case for misrepresentation.

Question 15

Undue influence requires proof of a confidential relationship.

Accepted Answer

A) True 
 B)False

Question 16

The Jameses were negotiating the purchase of the Smith's home but requested a termite inspection.The inspection came back clear from ABC Bug,Inc.The Jameses bought the house and immediately began to notice signs of termite infestation.They called Goodbye Bug,Inc.,and their technician confirmed significant termite infestation and damage.The technician said he had inspected the home for the Smiths just a few weeks earlier,but was never asked to repair and exterminate.The Jameses want out of the house and the contract.Do they have a basis?

Accepted Answer

Yes,the case appears to be one

Question 17

Under the Fair Credit Reporting Act,consumers have which of the following rights?

Accepted Answer

A) privacy and no disclosure without permission 
B) right to dispute information in the report 
C) right to correction 
D) right to rebuttal statement 
E) consumers have all of the above rights 
A) privacy and no disclosure without permission 
B) right to dispute information in the report 
C) right to correction 
D) right to rebuttal statement 
E) consumers have all of the above rights

Question 18

Garnishment is an example of judgment execution.

Accepted Answer

A) True 
 B)False

Question 19

There are no limitations on credit-agency disclosures,if the debtor is applying for a loan of more than $50,000.

Accepted Answer

A) True 
 B)False

Question 20

A liability limitation clause is the same as an exculpatory clause.

Accepted Answer

A) True 
 B)False

A weight-loss ad claims,"Lose up to five pounds per week." Is this statement a basis for misrepresentation?

"This shirt is 100% cotton" is a statement that is puffing.

What rights does a debtor have if he/she discovers inaccuracies in the credit report?

Unconscionability is an illegality defense.

If a consumer requests a credit reporting agency to correct his/her credit report:

The difference between fraud and misrepresentation is proof of intent.

An assignment is the transfer of benefits under a contract.

Contracts with illegal subject matter are voidable.

Credit counselors are regulated under:

Incidental damages include:

A television rent-to-own contract that requires 24 payments of $30 each before the renter owns the $199 television set is unconscionable.

Duress requires proof of physical force.

Undue influence requires proof of a confidential relationship.

Under the Fair Credit Reporting Act,consumers have which of the following rights?

Garnishment is an example of judgment execution.

There are no limitations on credit-agency disclosures,if the debtor is applying for a loan of more than $50,000.

A liability limitation clause is the same as an exculpatory clause.

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

A weight-loss ad claims,"Lose up to five pounds per week." Is this statement a basis for misrepresentation?

"This shirt is 100% cotton" is a statement that is puffing.

What rights does a debtor have if he/she discovers inaccuracies in the credit report?

Unconscionability is an illegality defense.

If a consumer requests a credit reporting agency to correct his/her credit report:

The difference between fraud and misrepresentation is proof of intent.

An assignment is the transfer of benefits under a contract.

Contracts with illegal subject matter are voidable.

Credit counselors are regulated under:​

Incidental damages include:​

A television rent-to-own contract that requires 24 payments of $30 each before the renter owns the $199 television set is unconscionable.

Duress requires proof of physical force.

Undue influence requires proof of a confidential relationship.

Under the Fair Credit Reporting Act,consumers have which of the following rights?

Garnishment is an example of judgment execution.

There are no limitations on credit-agency disclosures,if the debtor is applying for a loan of more than $50,000.

A liability limitation clause is the same as an exculpatory clause.

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

Credit counselors are regulated under:

Incidental damages include: