Question 1

Contracts with illegal subject matter are:

Accepted Answer

A) void. 
B) voidable. 
C) neither a nor b 
A) void. 
B) voidable. 
C) neither a nor b

Question 2

Minors are liable for the reasonable value of necessaries.

Accepted Answer

A) True 
 B)False

Question 3

Parents of minors can be held liable for the reasonable value of necessaries that their minor children contracted for.

Accepted Answer

A) True 
 B)False

Question 4

The Fair Credit Reporting Act applies:

Accepted Answer

A) only to consumer reporting agencies. 
B) to all information on consumer debtors. 
C) to consumer and commercial credit. 
D) none of the above 
A) only to consumer reporting agencies. 
B) to all information on consumer debtors. 
C) to consumer and commercial credit. 
D) none of the above

Question 5

Garnishments:

Accepted Answer

A) are attachments of funds for executing a judgment. 
B) are not regulated by federal laws. 
C) can take up to 75 percent of the debtor's wages. 
D) all of the above 
A) are attachments of funds for executing a judgment. 
B) are not regulated by federal laws. 
C) can take up to 75 percent of the debtor's wages. 
D) all of the above

Question 6

A bill of lading is a receipt for shipment issued by the seller.

Accepted Answer

A) True 
 B)False

Question 7

The seller of a dry cleaning business has agreed not to open another dry cleaning business for two years within a one-mile radius of the sold business.Such an agreement:

Accepted Answer

A) is void as against public policy. 
B) is void as unconscionable. 
C) is void as usurious. 
D) is valid and enforceable. 
A) is void as against public policy. 
B) is void as unconscionable. 
C) is void as usurious. 
D) is valid and enforceable.

Question 8

Explain the purpose of a force majeure clause.

Accepted Answer

Its purpose is to excuse perfo

Question 9

In theDurrett v.ACT,Inc.case,the court ruled that the students whoclicked on the agreement provisions on the ACT sites did so underduress.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is prohibited under the FDCPA?

Accepted Answer

A) contacting third parties for current address information on the debtor 
B) contacting the debtor at his/her place of employment 
C) contacting the debtor after the debtor requests no further contact 
D) All of the above are prohibited. 
A) contacting third parties for current address information on the debtor 
B) contacting the debtor at his/her place of employment 
C) contacting the debtor after the debtor requests no further contact 
D) All of the above are prohibited.

Question 11

A letter of credit is issued by the buyer's bank.

Accepted Answer

A) True 
 B)False

Question 12

Under the Bankruptcy Reform Act of 2005,consumers can always file for liquidation proceedings without going through Chapter 13.

Accepted Answer

A) True 
 B)False

Question 13

Andy Seagroves purchased a computer from Best Buy.Best Buy did not disclose to him that the computer was a return item.There was no indication of any price difference between the computer Andy bought and the unopened computers.Andy experiences significant difficulties with the computer and returns it to Best Buy.Andy indicates that he would like to have a new computer and that the price is now $150 more.Best Buy indicates that it is happy to take the return on the computer and credit Andy's account,but that it has no further liability.

Accepted Answer

A) Best Buy's position is correct. 
B) Andy has no damages since Best Buy took back the computer. 
C) Andy is entitled to recover the price difference so that he can replace the computer. 
D) Andy is entitled to the return, but no additional damages. 
E) none of the above 
A) Best Buy's position is correct. 
B) Andy has no damages since Best Buy took back the computer. 
C) Andy is entitled to recover the price difference so that he can replace the computer. 
D) Andy is entitled to the return, but no additional damages. 
E) none of the above

Question 14

Home equity loans do not carry a rescission period.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following $\underline{\text{cannot}}$ be disclosed on a credit report being issued on a job applicant for a $37,000/year job in 2017?

Accepted Answer

A) a bankruptcy in 2012 
B) a judgment paid in 2003 
C) a criminal conviction for running a meth lab in 2009 
D) All of the above can be disclosed. 
A) a bankruptcy in 2012 
B) a judgment paid in 2003 
C) a criminal conviction for running a meth lab in 2009 
D) All of the above can be disclosed.

Question 16

If entered into by a minor,which of the following contractual situations may be enforceable against the minor?

Accepted Answer

A) Student loan agreements 
B) Military obligations 
C) Payment for reasonable value for necessities 
D) All of the above 
A) Student loan agreements 
B) Military obligations 
C) Payment for reasonable value for necessities 
D) All of the above

Contracts with illegal subject matter are:

Minors are liable for the reasonable value of necessaries.

Parents of minors can be held liable for the reasonable value of necessaries that their minor children contracted for.

The Fair Credit Reporting Act applies:

Garnishments:

A bill of lading is a receipt for shipment issued by the seller.

The seller of a dry cleaning business has agreed not to open another dry cleaning business for two years within a one-mile radius of the sold business.Such an agreement:

Explain the purpose of a force majeure clause.

In theDurrett v.ACT,Inc.case,the court ruled that the students whoclicked on the agreement provisions on the ACT sites did so underduress.

Which of the following is prohibited under the FDCPA?

A letter of credit is issued by the buyer's bank.

Under the Bankruptcy Reform Act of 2005,consumers can always file for liquidation proceedings without going through Chapter 13.

Home equity loans do not carry a rescission period.

Which of the following $\underline{\text{cannot}}$ be disclosed on a credit report being issued on a job applicant for a $37,000/year job in 2017?

If entered into by a minor,which of the following contractual situations may be enforceable against the minor?

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

Contracts with illegal subject matter are:

Minors are liable for the reasonable value of necessaries.

Parents of minors can be held liable for the reasonable value of necessaries that their minor children contracted for.

The Fair Credit Reporting Act applies:

Garnishments:

A bill of lading is a receipt for shipment issued by the seller.

The seller of a dry cleaning business has agreed not to open another dry cleaning business for two years within a one-mile radius of the sold business.Such an agreement:

Explain the purpose of a force majeure clause.

In theDurrett v.ACT,Inc.case,the court ruled that the students whoclicked on the agreement provisions on the ACT sites did so underduress.

Which of the following is prohibited under the FDCPA?

A letter of credit is issued by the buyer's bank.

Under the Bankruptcy Reform Act of 2005,consumers can always file for liquidation proceedings without going through Chapter 13.

Home equity loans do not carry a rescission period.

Which of the following cannot‾\underline{\text{cannot}}cannot​ be disclosed on a credit report being issued on a job applicant for a $37,000/year job in 2017?

If entered into by a minor,which of the following contractual situations may be enforceable against the minor?

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

Which of the following $\underline{\text{cannot}}$ be disclosed on a credit report being issued on a job applicant for a $37,000/year job in 2017?