Question 1

Automobile lemon laws protect only persons buying automobiles for personal,family,or household use.

Accepted Answer

A) True 
 B)False

Question 2

The CARD Act substantially restricts the solicitation of credit card accounts for those under the age of 18.

Accepted Answer

A) True 
 B)False

Question 3

The policing of fraudulent advertising is entrusted to which of the following administrative agencies?

Accepted Answer

A)  IRS 
B)  FTC 
C)  UCCC 
D)  FDA 
A)  IRS 
B)  FTC 
C)  UCCC 
D)  FDA

Question 4

A finance company may reject an applicant for a loan on the grounds that the applicant is:

Accepted Answer

A)  married. 
B)  sixty-five or older. 
C)  divorced. 
D)  none of the above. 
A)  married. 
B)  sixty-five or older. 
C)  divorced. 
D)  none of the above.

Question 5

The category of protected consumers for many statutes has been expanded to include partnerships,corporations and government entities.

Accepted Answer

A) True 
 B)False

Question 6

The owner of a lost credit card is:

Accepted Answer

A)  liable for all purchases made by its finder if the card was lost through negligence. 
B)  not liable for any purchases if the card was lost despite the exercise of reasonable care by the cardholder. 
C)  liable for all purchases if the card originally had been sent to the cardholder without any prior request and never was used by such holder. 
D)  not liable for more than $50 for the unauthorized use of the card. 
A)  liable for all purchases made by its finder if the card was lost through negligence. 
B)  not liable for any purchases if the card was lost despite the exercise of reasonable care by the cardholder. 
C)  liable for all purchases if the card originally had been sent to the cardholder without any prior request and never was used by such holder. 
D)  not liable for more than $50 for the unauthorized use of the card.

Question 7

Anyone promoting the sale of a real estate development that is divided into fifty (50)or more parcels of less than five (5)acres each must file a(n)__________ statement with the secretary of Housing and Urban Development.

Accepted Answer

A)  building plan 
B)  development 
C)  environmental impact 
D)  real property 
A)  building plan 
B)  development 
C)  environmental impact 
D)  real property

Question 8

A letter from a collection agency to a consumer that gives the impression a lawsuit is about to be brought against the consumer when in fact it will not be brought is not a violation of the Fair Debt Collection Practices Act.

Accepted Answer

A) True 
 B)False

Question 9

Odometer fraud laws:

Accepted Answer

A)  impose the same standards on both private sellers and auto dealers. 
B)  allows the buyer to collect twice the actual loss from the fraud. 
C)  limits the total loss the buyer can collect to $1,500. 
D)  all of the above. 
A)  impose the same standards on both private sellers and auto dealers. 
B)  allows the buyer to collect twice the actual loss from the fraud. 
C)  limits the total loss the buyer can collect to $1,500. 
D)  all of the above.

Question 10

Despite consumer protection legislation,for most consumers pursing their rights in court is not cost beneficial.

Accepted Answer

A) True 
 B)False

Question 11

Who may bring an action for relief under consumer protection legislation?

Accepted Answer

A)  the Federal Trade Commission 
B)  a state attorney general 
C)  the consumer 
D)  all of the above 
A)  the Federal Trade Commission 
B)  a state attorney general 
C)  the consumer 
D)  all of the above

Question 12

An unsolicited distribution of credit cards to persons who have not applied for them is:

Accepted Answer

A)  always allowed. 
B)  voidable. 
C)  illegal. 
D)  only allowed if the recipient is at least 21 years old . 
A)  always allowed. 
B)  voidable. 
C)  illegal. 
D)  only allowed if the recipient is at least 21 years old .

Question 13

The FTC requires advertisers to maintain records of the data used as support for statements made in the ads that deal with the safety,performance,efficacy,quality,or comparative price of an advertised product.

Accepted Answer

A) True 
 B)False

Exam 33: Consumer Protection

Automobile lemon laws protect only persons buying automobiles for personal,family,or household use.

The CARD Act substantially restricts the solicitation of credit card accounts for those under the age of 18.

The policing of fraudulent advertising is entrusted to which of the following administrative agencies?

A finance company may reject an applicant for a loan on the grounds that the applicant is:

The category of protected consumers for many statutes has been expanded to include partnerships,corporations and government entities.

The owner of a lost credit card is:

Anyone promoting the sale of a real estate development that is divided into fifty (50)or more parcels of less than five (5)acres each must file a(n)__________ statement with the secretary of Housing and Urban Development.

A letter from a collection agency to a consumer that gives the impression a lawsuit is about to be brought against the consumer when in fact it will not be brought is not a violation of the Fair Debt Collection Practices Act.

Odometer fraud laws:

Despite consumer protection legislation,for most consumers pursing their rights in court is not cost beneficial.

Who may bring an action for relief under consumer protection legislation?

An unsolicited distribution of credit cards to persons who have not applied for them is:

The FTC requires advertisers to maintain records of the data used as support for statements made in the ads that deal with the safety,performance,efficacy,quality,or comparative price of an advertised product.

The Nature and Sources of Law

The Court System and Dispute Resolution

Business Ethics, Social Forces, and the Law

The Constitution As the Foundation of the Legal Environment

Government Regulation of Competition and Prices

Administrative Agencies

The Legal Environment of International Trade

Crimes

Torts

Intellectual Property Rights

Cyberlaw

Nature and Classes of Contracts: Contracting on the Internet

Formation of Contracts: Offer and Acceptance

Capacity and Genuine Assent

Consideration

Legality and Public Policy

Writing, Electronic Forms, and Interpretation of Contracts

Third Persons and Contracts

Discharge of Contracts

Breach of Contract and Remedies

Personal Property and Bailments

Legal Aspects of Supply Chain Management

Nature and Form of Sales

Title and Risk of Loss

Product Liability: Warranties and Torts

Obligations and Performance

Remedies for Breach of Sales Contracts

Kinds of Instruments, parties, and Negotiability

Transfers of Negotiable Instruments and Warranties of Parties

Liability of the Parties Under Negotiable Instruments

Checks and Funds Transfers

Nature of the Debtor-Creditor Relationship

Secured Transactions in Personal Property

Bankruptcy

Insurance

Agency

Third Persons in Agency

Regulation of Employment

Equal Employment Opportunity Law

Types of Business Organizations

Partnerships

LPs, LLCs, and LLPs

Corporate Formation

Shareholder Rights in Corporations

Securities Regulation

Accountants Liability and Malpractice

Management of Corporations

Real Property

Environmental Law and Land Use Controls

Leases

Decedents Estates and Trusts

Filters