Question: 1. When is a contract unconscionable? Multiple Choice When a contract is so unfair that it may shock the conscious When one party is mistaken

When is a contract unconscionable?

Multiple Choice

When a contract is so unfair that it may shock the conscious

When one party is mistaken as to the meaning of the contractual terms

When one party to the agreement is smarter than the other

When a contract may be somewhat unfair such that one party asks the court to intervene

Regarding lemon laws, a new vehicle is typically considered a lemon if it has been __________.

Multiple Choice

returned to the manufacturer or dealer three (3) or four (4) times to repair the same defect

returned to the manufacturer or dealer one (1) or two (2) times to repair the same defect

stolen and resold to a new buyer

damaged due to the consumers negligence

Which of the following federal agencies is primarily responsible for enforcing finance laws such as the Electronic Fund Transfer Act and the Fair Credit Billing Act?

Multiple Choice

The Uniform Commerce Commission (UCC)

The Interstate Commerce Commission (ICC)

The Consumer Financial Protection Bureau (CFPB)

The Consumer Product Safety Commission (CPSC)

Which of the following regulations interprets the provisions of the Truth in Lending Act (TILA)?

Multiple Choice

Regulation Q

Regulation Z

Regulation X

Regulation A

Which of the following credit reporting protections is offered by the Fair Credit Reporting Act (FCRA)?

Multiple Choice

In all cases, negative information more than seven (7) years old must be reported in a consumers credit report.

All inaccurate information must be corrected or removed from a consumers credit file, usually within thirty (30) days.

Anyone using information from a credit reporting agency to deny a consumer credit cannot reveal the source of information to the consumer.

Consumers cannot sue a credit reporting agency or a bank for damages even if their rights under the act have been violated.

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