LEG100 Quiz August 17, 2021/in Uncategorized /by Davis QUESTION 1 Sara decided to incorporate her business under the name Gomo, Inc. Before Gomo was incorporated, Sara signed a contract in the name of Gomo, Inc. to lease a store front. Sara did not tell the other party that Gomo was not yet formed. Sara is personally liable on the lease. True False 3.5 points QUESTION 2 When a corporation accepts legal responsibility for a contract, it is called novation. True False 3.5 points QUESTION 3 The Truth in Lending Act regulates interest rates and the terms of loans. True False 3.5 points QUESTION 4 Suppose Bill’s credit card is stolen and he notifies his credit card company of this fact. Which of the following is true regarding the amount of unauthorized charges made before Bill notified his credit card company? a. Bill is responsible for the first $50 of unathorized charges. b. Bill is responsible for the first $100 of unauthorized charges. c. Bill is responsible for half of the unauthorized charges. d. Bill is not responsible for any of the unathorized charges. 3.5 points QUESTION 5 A manager who first offers an opportunity to disinterested directors or shareholders who turn it down has the right to take advantage of the opportunity herself. True False 3.5 points QUESTION 6 Prime Products, Inc. found out that it was going to take 3 weeks to ship the comforter Margaret ordered instead of the 7 days it had originally promised her. Prime Products must cancel Margaret’s order and notify her that it can deliver within 3 weeks if she wants to reorder. True False 3.5 points QUESTION 7 Mabel is a single 40-year-old who has borrowed money on numerous occasions. Her payment record has been good, except she has been delinquent in paying a few bills. Which of the following is true regarding credit information gathered on Mabel? a. Since Mabel has been delinquent, she waives her right to see the credit files. b. Mabel has a right to have the information regarding her delinquency in paying a few loans stricken from her credit record because her record has generally been good. c. If Mabel is rejected for a loan because of the consumer report, the lender must tell her the name of the agency that supplied the report. d. Mabel’s delinquencies can be reported by credit reporting agencies for a period of twelve years. 3.5 points QUESTION 8 A fundamental problem of the modern corporation is the conflict of interests between managers, shareholders, and stakeholders. True False 3.5 points QUESTION 9 The issue in the POM Wonderful, LLC v. FTC case involved a. the legality of the Consumer Product Safety Act of 1972 b. the type of evidence necessary to support health claims in advertisements. c. violation of the Magnuson-Moss Warranty Act. d. violation of the Fair Debt Collection Act. 3.5 points QUESTION 10 Sandy noticed an unauthorized electronic funds withdrawal on her bank statement. In order for her to not be liable for the withdrawal, she must notify her bank within _______ of the date of the bank statement. a. 10 days b. 30 days c. 60 days d. 90 days "Get Help With Your Essay. If you need assistance with writing your essay, our professional essay writing service is here to help! Order Now https://essaysglobe.com/wp-content/uploads/2020/06/logo-EG.png 0 0 Davis https://essaysglobe.com/wp-content/uploads/2020/06/logo-EG.png Davis2021-08-17 14:20:322021-08-17 14:20:32LEG100 Quiz