Question 1

In a closed-end credit transaction:

Accepted Answer

A)  the lender makes a series of loans with a maximum amount set before the first loan is made. 
B)  if the lender is offering a "teaser rate," this information must be clearly disclosed. 
C)  there is only one loan, and the borrower knows the amount and payment schedule in advance. 
D)  the Federal Reserve Board should be consulted before a lender is chosen. 
A)  the lender makes a series of loans with a maximum amount set before the first loan is made. 
B)  if the lender is offering a "teaser rate," this information must be clearly disclosed. 
C)  there is only one loan, and the borrower knows the amount and payment schedule in advance. 
D)  the Federal Reserve Board should be consulted before a lender is chosen.

Question 2

The goal of the Consumer Product Safety Act is to provide injured consumers the right to obtain damages for dangerous or defective products.

Accepted Answer

A) True 
 B)False

Question 3

MoneyMaker Toy Company violated the safety standards set forth by the Consumer Product Safety Commission when it produced a toy gun that caused injury to hundreds of children.Because of MoneyMaker's actions:

Accepted Answer

A)  the CPSC can impose civil penalties on the company. 
B)  the CPSC can impose criminal penalties on the company. 
C)  users can sue for damages, including attorney's fees, if MoneyMaker knew it was violating a consumer product safety rule when it produced the guns. 
D)  All of the answers are correct. 
A)  the CPSC can impose civil penalties on the company. 
B)  the CPSC can impose criminal penalties on the company. 
C)  users can sue for damages, including attorney's fees, if MoneyMaker knew it was violating a consumer product safety rule when it produced the guns. 
D)  All of the answers are correct.

Question 4

What are the three tests or elements used by the FTC to determine whether a particular act is an unfair trade practice?

Accepted Answer

The FTC considers an act to be unfair if

Question 5

The FTC can impose a fine for each violation of a voluntary compliance affidavit,a consent order,an FTC rule,or a cease and desist order,even one issued against someone else.

Accepted Answer

A) True 
 B)False

In a closed-end credit transaction:

The goal of the Consumer Product Safety Act is to provide injured consumers the right to obtain damages for dangerous or defective products.

MoneyMaker Toy Company violated the safety standards set forth by the Consumer Product Safety Commission when it produced a toy gun that caused injury to hundreds of children.Because of MoneyMaker's actions:

What are the three tests or elements used by the FTC to determine whether a particular act is an unfair trade practice?

The FTC can impose a fine for each violation of a voluntary compliance affidavit,a consent order,an FTC rule,or a cease and desist order,even one issued against someone else.

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Conclusion to Contracts

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Secured Transactions and Bankruptcy

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Exam 25: Consumer Law

In a closed-end credit transaction:

The goal of the Consumer Product Safety Act is to provide injured consumers the right to obtain damages for dangerous or defective products.

MoneyMaker Toy Company violated the safety standards set forth by the Consumer Product Safety Commission when it produced a toy gun that caused injury to hundreds of children.Because of MoneyMaker's actions:

What are the three tests or elements used by the FTC to determine whether a particular act is an unfair trade practice?

The FTC can impose a fine for each violation of a voluntary compliance affidavit,a consent order,an FTC rule,or a cease and desist order,even one issued against someone else.

Introduction to Law

Business Ethics and Social Responsibility

Dispute Resolution

Common Law, statutory Law, and Administrative Law

Constitutional Law

Torts

Crime

International Law

Introduction to Contracts

Legality, consent, and Writing

Conclusion to Contracts

Sales and Product Liability

Negotiable Instruments and Banks

Secured Transactions and Bankruptcy

Agency

Employment Law

Labor Law

Starting a Business: Llcs and Other Options

Corporations

Securities Regulation

Antitrust

Cyberlaw

Intellectual Property

Property

Environmental Law

Filters