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Bus Law Chapter 7 Consumer Law and Contracts Flashcards | StudBud
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Bus Law Chapter 7 Consumer Law and Contracts
Bus Law Chapter 7 Consumer Law and Contracts
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Business and Persona Law - Chapter 7 Review #highschool
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
A _________________ is a transportation company.
Barge
Truck
Train
Carrier
2
Type of warranty implied by retailers every time they make a sale.
Bill of sale
Warranty of title
Warranty of merchantability
Full warranty
3
Time limit on the statute of limitations begins when a breach of contract occurs.
True
False
4
The UCC laws govern all business transaction
EXCEPT
the sale of ____________
Cars
Gasoline
Clothing
Stocks
5
The law that protects you from unreasonable risk when using a product is called the _______
Consumer Leasing Act
Consumer Product Safety Act
State Trade Commission Act
Federal Consumer Protection Act
6
When a store advertises bargains that do not actually exist, this is a form of ____________
Negative option advertising
FTC advertising
Cooling-off advertising
Bait and switch advertising
7
The Texas Deceptive Trade Practices Act was created to protect consumers against _____________
Misleading charges on utility bills
Fraudulent lease agreements
Deceptive product advertising
False & misleading business practices
8
____________is a legal interest in the protection of property from injury, loss or destruction.
Protection Interest
Loss-Proof Interest
Insurable Interest
Indestructible Interest
9
A limited warranty gives limited information.
False
True
10
The cooling-off rule gives you 3 business days to change your mind about a sale.
True
False
11
Only risk of loss
passes to the buyer when goods are given to a carrier.
False
True
12
A warranty of fitness for a particular purpose is a warranty that applies to only nonmerchants.
False
True
13
The right of ownership to goods is a ______________
Bill of sale
Title
Receipt
Contract
14
Law requiring that written express warranties for goods more than $10 meet certain requirements
Right of Warranty Law
Parole Evidence Rule
Nader-Clayton Warranty Act
Magnuson-Moss Warranty Act
15
The _____________ is a collection of laws that govern various business transactions.
FTC
UCC
16
With a _________warranty, you should read it carefully to determine what the warranty provides.
Express
Full
Implied
Limited
17
A guarantee that goods are free of financial obligation, or lien, is called a ____________
warranty of privity
limited warranty
warranty of title
warranty of merchantability
18
When a buyer breaches a sales contract, the seller may cancel the contract.
False
True
19
Customer agrees to have goods provided automatically. Must either pay or decline before billing
Consumer Protection Rule
Cooling-Off Rule
Negative Option Rule
Marketing Sales Rule
20
_____________ is when parties to a sales contract must treat each other fairly.
Usage of Trade
Offer and Acceptance
Good Faith
Firm Offer
21
The warranty of merchantability applies to non-merchants as well as merchants
False
True
22
A guarantee of quality imposed by law and
not in writing
is a(an) _________________________
implied warranty
limited warranty
oral warranty
express warranty
23
This act requires lease agreements to include all the terms of a lease.
Consumer Leasing Act
Consumer Rental Act
Consumer Product Safety Act
Magnuson-Moss Warranty Act
24
The Better Business Bureau is a private agency created to __________________
Hear consumer and publish complaints
Develop warranties for products
Sue questionable companies
Recall unsafe products
25
The statute of limitations for sales contracts is three years.
False
True
26
Only proves that you
once
had title. Not that you
still own
the goods.
Title
Voidable Title
Firm Offer
Bill of Sale
27
Another name for warranty is ______________
Protection
Guarantee
Covenant
Assurance
28
A fraudulent misrepresentation is any statement that deceives a buyer.
False
True
29
If the price for goods is less than $1,000.00, an oral sales contract is enforceable.
False
True
30
A ________________ is a someone who buys or leases goods.
Customer
User
Purchasing Agent
Consumer
