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Fiona goes to GreatNuTech, a consumer electronics store in

Customer Question
Houston, Texas, to buy a...
Fiona goes to GreatNuTech, a consumer electronics store in Houston, Texas, to buy a pocket calculator. Ilsa, the salesperson, sells Fiona a top-of-the-line computer system, which Fiona does not need and cannot afford. This is a violation of
Choose one answer.
a. no federal or state law.
b. the Consumer Sales Act.
c. the Texas Deceptive Trade Practices Act.
d. the Truth-in-Lending Act.

Fun-E Products, Inc., makes and sells toys. The government agency that has the authority to remove a potentially hazardous toy from the market is
Choose one answer.
a. the Consumer Product Safety Commission.
b. the Federal Reserve Board of Governors.
c. the Federal Trade Commission.
d. the Food and Drug Administration.

GR8 Fashion, Inc., complains to the Federal Trade Commission (FTC) about an ad broadcast by Hotte Clothes Company, GR8s competitor. The FTC investigates and concludes that the ad is deceptive. The FTCs next step is to
Choose one answer.
a. conduct negotiations between the competitors.
b. draft a formal complaint.
c. issue a cease-and-desist order.
d. permit GR8 to broadcast similarly deceptive counteradvertising.

In the ordinary course of business, Xtra Charge Company sells goods to Yvon and other consumers on credit under installment sales contracts that typically require at least one year of monthly payments. Xtra does not disclose all of the credit terms to its customers. This practice is most likely to result in
Choose one answer.
a. a cease-and-desist order.
b. a fine.
c. no sanctions.
d. rescission of the contracts.

Leo opens a credit card account with Macro Credit, Inc. Nina steals Leos identity and makes unauthorized charges on the card. Under the Fair and Accurate Credit Transactions Act, Macro must
Choose one answer.
a. expunge all information about Leo from its records.
b. issue a new identity to Leo as an opportunity for a fresh start.
c. maintain the charges on Leos records for seven years.
d. provide Leo with copies of its records that help to prove the theft.

Miracle Products, Inc., engages in deceptive advertising when it markets its product Weight-Off as able to help consumers lose weight in their sleep. Miracle is ordered to include in all future advertising of Weight-Off the statement, "Weight-Off will not cause anyone to lose weight in their sleep." This is
Choose one answer.
a. a counteradvertising order.
b. a multiple product order.
c. bait-and-switch advertising.
d. excessive abuse of authority.

National Pre-Owned Auto Sales, Inc., affixes a label to each of the cars sold on its lots that states the car is being sold "as is." This is a violation of
Choose one answer.
a. the Fair Credit Reporting Act.
b. the FTCs used-car dealers "Buyers Guide" rule.
c. the Truth-in-Lending Act.
d. none of the choices.

Fact Pattern 23-1
Ewa signs an instrument unconditionally promising to pay to "First State Bank" $5,000 with interest in installments with the final payment due June 1, 2012.
Refer to Fact Pattern 23-1. With respect to this instrument, First State Bank is
Choose one answer.
a. the drawee.
b. the drawer.
c. the maker.
d. the payee.

Doug writes a check for $100 payable to Eve on his account at First State Bank. The bank is
Choose one answer.
a. the bearer.
b. the drawee.
c. the drawer.
d. the holder.

EZ Credit Company signs an instrument payable to the order of Flem that states, "The maker of this note at the date of maturity, May 1, 2013, can extend the time of payment, but for no more than a reasonable time." This instrument is
Choose one answer.
a. negotiable.
b. nonnegotiable, because it includes an extension clause.
c. nonnegotiable, because it is not payable within a definite time.
d. nonnegotiable, because it is payable to a specific payee.

Gourmet Restaurant issues an instrument in favor of Serving Supplies, Inc. For the instrument to be negotiable, it need not
Choose one answer.
a. be an unconditional promise or order to pay.
b. be payable on demand or at a specific time.
c. be signed by Gourmet Restaurant.
d. recite the consideration given in exchange for a promise to pay.

InterComp normally sells $50,000 worth of software to Power Source, a retail electronics store, each summer on terms requiring payment in sixty days. One year, InterComp wants cash, but Power Source wants the usual sixty days. To meet both needs, the parties can arrange
Choose one answer.
a. a certificate of deposit.
b. a bearer bond.
c. a trade acceptance.
d. an international letter of credit.
Jane orally promises to pay $400 to Ken. This is
Choose one answer.
a. a negotiable instrument.
b. a nonnegotiable instrument, because it is not in writing.
c. a nonnegotiable instrument, because $400 is under the Statute of Frauds.
d. a nonnegotiable instrument, because it does not recite consideration.
Submitted: 5 years ago.Category: Business Law
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4/10/2012
Business Lawyer: Richard - Bizlaw, Attorney replied 5 years ago
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