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Question
Once a buyer has accepted goods, he cannot later reject them unless at the time they were accepted, the buyer had reason to believe that the nonconformity would be cured.
Answer
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Related questions
Q:
Resale price maintenance is also known as:
A. horizontal price-fixing.
B. vertical divisions of market.
C. horizontal divisions of market.
D. vertical price-fixing.
Q:
All the gas stations in Smalltown agree to charge the same price for gas. The owners of the various companies get together every Friday in a coffee shop to decide what the price will be next week. This is:
A. a violation of the Sherman Act, Section 1.
B. a violation of the McCarran-Ferguson Act.
C. a violation of the Robinson-Patman Act.
D. not a violation, as long as it benefits consumers.
Q:
The _____ Act is not limited to consumer credit; it also covers business and commercial loans.
A. Truth in Lending
B. Equal Credit Opportunity
C. Fair and Accurate Credit Transactions
D. Fair Credit Reporting
Q:
Under the TILA, if a credit plan for a home equity loan involves a variable interest rate, the "index rate" to which changes in the APR are pegged must be:
A. based on creditworthiness of the debtor.
B. under the creditor's control.
C. based on some publicly available rate.
D. under the debtor's control.
Q:
Which of the following instances of lending is most likely to be covered by the Truth in Lending Act (TILA)?
A. A savings and loan association extends a $30,000 credit to a retail consumer.
B. An auto retailer extends a $25,000 credit to a buyer payable in five equal installments.
C. An accountancy firm extends a $10,000 one-time credit to an employee.
D. A bank extends a $20,000 credit to a farmer for use in agricultural purposes.
Q:
The Magnuson-Moss Warranty Act applies to sales of goods costing:
A. $15 or more to a consumer.
B. $15 or more to any purchaser.
C. $50 or more to a consumer.
D. $50 or more to any purchaser.
Q:
The Magnuson-Moss Warranty Act of 1975 mainly applies to:
A. presale agreements for products used for commercial purposes.
B. written warranties for products used for household purposes.
C. presale agreements for products used for household purposes.
D. written warranties for products used for commercial purposes.
Q:
In response to the Telemarketing Sales Rule (TSR), affected commercial telemarketers initiated litigation brought on lack-of-statutory authority and:
A. First Amendment grounds.
B. Fourth Amendment grounds.
C. Fifth Amendment grounds.
D. Seventh Amendment grounds.
Q:
The _____ case is an example of litigation initiated by commercial telemarketers questioning the legal validity of the do-not-call registry.
A. Central Hudson
B. Kraft
C. Evory
D. Mainstream Marketing
Q:
Which of the following acts is most likely to violate the Telemarketing Sales Rule (TSR)?
A. Calling a consumer's residence at 9:30 P.M. to inform about an exciting prize promotion.
B. Soliciting sales through the mailing of a catalog and then receiving customers' orders by telephone.
C. Making telephone calls to a customer to get an appointment for a face-to-face sales presentation.
D. Making telephone calls of solicitation to a consumer but completing the transaction in a face-to-face meeting.
Q:
An advertisement is in violation of the Federal Trade Commission Act only when it:
A. is likely to mislead any consumer.
B. is likely to mislead a consumer who acts reasonably.
C. actually deceives any consumer.
D. does not involve a material misrepresentation.
Q:
Mel is a securities broker who holds shares in Beanbag Inc. Mel does not disclose this to his customer Kim, whom he advises to buy Beanbag shares. Mel hopes that by not disclosing his conflict of interest, he will influence Kim to buy the shares. Kim, believing the information on Beanbag shares is given from Mel's disinterested point of view, declares that buying Beanbag shares "sounds like an excellent idea" and purchases the shares. Which of the following statements is most accurate?
A. Kim cannot hold Mel liable because Mel did not make a misstatement of material fact.
B. Kim will have to prove that Mel acted negligently in order to prove a Rule 10b-5 violation.
C. Kim will most likely be able to make a successful claim against Mel under Rule 10b-5.
D. Mel did not have a duty to disclose his conflict of interest to Kim.
Q:
Which of the following could be considered as an "insider" under the 1934 Securities and Exchange Act?
A. Directors of the corporation
B. Any employee entrusted with information that is being held secret to the public
C. The Secretary of State
D. Both A & B
Q:
What section of the 1933 Securities Act provides for criminal liability for securities violations under the act?
A. Section 24
B. Section 5
C. Section 7
D. Section 31
Q:
Under Section 11 of the Securities Act of 1933, a defendant (other than the issuer) may establish a defense to liability if the defendant can prove that he/she acted:
A. with due diligence.
B. with scienter.
C. without scienter.
D. without due diligence.
Q:
Section 4(2) of the 1933 Act covers the _____ offering exemption from the registration provisions.
A. intrastate
B. interstate
C. private
D. small
Q:
_____ creates three important periods of time in the life of a securities offering: (1) the pre-filing period, (2) the waiting period, and (3) the post-effective period.
A. Section 3 of the 1934 Act
B. Section 17 of the 1933 Act
C. Section 12 of the 1934 Act
D. Section 5 of the 1933 Act
Q:
The _____ underwriting is typically used only to sell common shares to existing shareholders pursuant to a preemptive rights offering.
A. standby
B. sponsorship
C. best efforts
D. firm commitment
Q:
One of the two principal regulatory components of the 1933 Act is:
A. distribution provisions.
B. restricted provisions.
C. registration provisions.
D. disclosure provisions.
Q:
The most important elements for violation of Rule 10b-5 of the 1933 Securities Act are misstatement or omission of material fact and negligence.
Q:
As per the 1934 Act, Section 16(a) prohibits statutory insiders from disclosing their ownership of their company's securities for the first 10 days of ownership.
Q:
Section 11 of the 1933 Act provides civil liabilities for damages when a 1933 Act registration statement on its effective date misstates or omits a material fact.
Q:
Which Section of The Clayton Act originally prohibited local and territorial price discrimination by sellers?
A. Section 2
B. Section 3
C. Section 7
D. Section 8
Q:
Initially, Section 8 of the Clayton Act prohibited any person from serving as a director of two or more competing corporations (other than banks or common carriers) if each corporation had capital, surplus, and undivided profits aggregating more than _____.
A. $1 million
B. $5 million
C. $10 million
D. $20 million
Q:
Huge, Inc. owns an East coast grocery chain. It has recently acquired a West coast grocery chain. This is an example of a:
A. product extension merger.
B. horizontal merger.
C. market extension merger.
D. vertical merger.
Q:
Which of the following is a market share factor that federal regulators consider when determining the legality of horizontal mergers?
A. The probability of increasing concentration in the relevant market.
B. The prior conduct of the acquiring firm and the acquired firm.
C. The existence of barriers to the entry of new competitors into the relevant market.
D. The probable future competitive strength of the acquired firm.
Q:
Which of the following requires parties to the merger agreement for planned mergers involving dollar values of stock or assets exceeding certain amounts to provide advance notice to the FTC and the Justice Department?
A. Section 7 of the Clayton Act
B. The Robinson-Patman Act
C. Section 2 of the Sherman Act
D. The Hart-Scott-Rodino Antitrust Improvement Act
Q:
The Robinson-Patman Act prohibits sellers from making discriminatory payments to competing customers for such customer-performed services as advertising and promotional activities.
Q:
There are three major defenses to price discrimination under the Robinson-Patman Act.
Q:
What is the term for the FTC's interpretation of the laws it administers?
A. Industry guides
B. Advisory appeal
C. Executive order
D. Legislative act