BA 200 EXAM 2 QUESTIONS & ANSWERS 100%
CORRECT.
t/f a contract is a promise of performance that can be enforced by law Answer
- true
t/f It is difficult to determine which contracts are UCC contracts and which are
common law contracts Answer - true
t/f The Restatement (Second) of Contracts addresses common law contracts
Answer - true
Which of the following is true of common law? Answer - it is not uniform
Which of the following types of contract is described as an agreement to do
something that is illegal or against public policy or one that lacks legal
elements? Answer - a void contract
t/f A quasi contract is a type of voidable agreement. Answer - false
Under the Equal Credit Opportunity Act (ECOA), it is unlawful to discriminate
against an applicant for credit on the basis of: Answer - age
t/f Transfers of consumer credit balances to new credit cards are a lucrative
area for banks and credit card companies. Answer - false
, Which of the following statements is true of a subprime loan? Answer - t is a
loan with higher interest rates and large prepayment penalties
Which of the following is true of the Credit Card Accountability, Responsibility,
and Disclosure (CARD) Act of 2009? Answer - it limits the frequency of
companies changing a card holder's interest rate.
t/f The burden of proof for unauthorized use of a credit card is on the card
holder. Answer - false
t/f Merchants who do not require chip credit cards are unable to seek
reimbursement for fraud from credit card companies. Answer - true
"I am interested in retiring and looking for a franchise to start a business" is an
example of: Answer - an invitation for an offer
n the Leonard v PepsiCo case, the court held that: Answer - pepsi's
advertisement did not reflect present intent to contract.
Which of the following statements is true of the mailbox rule? Answer - It can
apply whether the means are stipulated or not under certain circumstances.
Choose the TWO requirements for the terms required to form a contract offer
under the Uniform Commercial Code (UCC) Answer - subject matter and price
t/f An offer can be revoked any time prior to acceptance. Answer - true
An option can be revoked any time prior to acceptance. t/f Answer - false
CORRECT.
t/f a contract is a promise of performance that can be enforced by law Answer
- true
t/f It is difficult to determine which contracts are UCC contracts and which are
common law contracts Answer - true
t/f The Restatement (Second) of Contracts addresses common law contracts
Answer - true
Which of the following is true of common law? Answer - it is not uniform
Which of the following types of contract is described as an agreement to do
something that is illegal or against public policy or one that lacks legal
elements? Answer - a void contract
t/f A quasi contract is a type of voidable agreement. Answer - false
Under the Equal Credit Opportunity Act (ECOA), it is unlawful to discriminate
against an applicant for credit on the basis of: Answer - age
t/f Transfers of consumer credit balances to new credit cards are a lucrative
area for banks and credit card companies. Answer - false
, Which of the following statements is true of a subprime loan? Answer - t is a
loan with higher interest rates and large prepayment penalties
Which of the following is true of the Credit Card Accountability, Responsibility,
and Disclosure (CARD) Act of 2009? Answer - it limits the frequency of
companies changing a card holder's interest rate.
t/f The burden of proof for unauthorized use of a credit card is on the card
holder. Answer - false
t/f Merchants who do not require chip credit cards are unable to seek
reimbursement for fraud from credit card companies. Answer - true
"I am interested in retiring and looking for a franchise to start a business" is an
example of: Answer - an invitation for an offer
n the Leonard v PepsiCo case, the court held that: Answer - pepsi's
advertisement did not reflect present intent to contract.
Which of the following statements is true of the mailbox rule? Answer - It can
apply whether the means are stipulated or not under certain circumstances.
Choose the TWO requirements for the terms required to form a contract offer
under the Uniform Commercial Code (UCC) Answer - subject matter and price
t/f An offer can be revoked any time prior to acceptance. Answer - true
An option can be revoked any time prior to acceptance. t/f Answer - false
