Business & Personal Law: Unit 3 Consumer Law

As long as the price of a product is less than $500,

• any means available to accept the offer is considered reasonable.

• the UCC rules do not apply.

• a written contract is necessary in order for the contract to be enforceable.

• an oral contract for the sale of goods is enforceable.

The law of sales is now part of the

• Uniform Commercial Code (UCC).

• Statute of Frauds.

• dominant element doctrine.

• Federal Trade Commission (FTC).

In a shipment contract, the seller

• has title to future goods.

• assumes the responsibility for loss or damage to goods.

• is responsible for seeing that the goods get to their destination.

• is not responsible for seeing that the goods get to their destination.

Bait and switch advertising is illegal because

• the advertiser is trying to sell a different product than the one advertised.

• the advertiser is trying to sell you something over the phone that you cannot see.

• it violates the cooling-off rule.

• it violates the negative option rule.

Consumer protection laws do not protect you if you purchase

• a product considered dangerous.

• goods online.

• goods from out of state.

• goods from another consumer.

The cooling-off rule gives you

• the ability to cancel a contract for most purchases made in the seller's regular place of business.

• protection from abusive telemarketers who try and sell you product over the phone.

• three business days to cancel contracts for most purchases made away from the seller's regular place of business.

• one month to cancel contracts for most purchases made away from the seller's regular place of business.

The warranty of merchantability is beneficial because

• it supersedes any other warranty offered.

• the merchant warrants that the goods being sold are merchantable.

• it applies to every sale that occurs in the United States.

• a private party warrants that the goods being sold are merchantable.

A bill of sale is

• the right of ownerships to goods.

• formal evidence of ownership.

• a legal interest in the protection of the property.

• a merchant's written promise to hold an offer open until the sale is made.

The Better Business Bureau is a

• public agency that hears consumer complaints at the state and local level.

• public agency that hears consumer complaints at the federal level.

• private agency that hears consumer complaints at the local and state level.

• private agency that hears consumer complaints at the federal level.

The maximum amount of time for the statute of limitations for sales contracts is

• one year.

• two years.

• three years.

• four years.