Law Assignment Help questions and Answers Part3

1. A thief stole Art's checkbook and forged Art's name as drawer of a check. The drawee paid the check in good faith and sent it to Art with the monthly statement on January 3, 2008. The thief forged other checks during February and March of 2008, which the drawee in good faith paid. All paid checks were sent to Art with monthly statements. On May 25, 2009 , Art discovered all of the forgeries and notified the drawee. For which check(s) is Art entitled to be reimbursed?
a. none of them
b. all of them
c. the first check oniy
d. the last check only

2. Consumers have the responsibility to examine periodic statements provided by their financial institutions;
accordingly, if a loss would not have occurred but for the failure of a consumer to report within _ of the
transmittal of the statement any unauthorized transfer, the loss is borne by the consumer.
a. fourteen (14) days
b, thirty (30) days
c. sixty (60) days
d. six (6) months

3. Funds transfers made by businesses are governed by ____________ regulations.
a. UCC
b. Federal Reserve
c. UCC and Federai Reserve
d. neither UCC nor Federal Reserve

4.Consumer protection statutes and regulations do not protect against:
a. deceptive advertising.
b. the consumer's own negligence.
c. unsolicited credit cards sent to creditworthy consumers.
d. unreasonable methods of debt collection bv debt collection agencies.


5.Truth in advertising legislation is fundamentally designed to:
a. give the consumer an accurate description of the product.
b. punish sellers who knowingly make false statements about the product offered for sale.
c. punish sellers who state a false opinion about tiie product.
d. give the consumer information about other similar products that are available.

6.When an enterprise has made false and deceptive statements in advertising, the FTC may require new
advertising to correct the former statement so that consumers are aware of the truth. This corrective
advertising required by the FTC is also called _ advertising.
a. retractive
b. redactive
c. retroactive
d. refractive

7.The _ lending market makes loans to consumers who have bankruptcies, no credit history,
low-to-moderate incomes, or a poor credit history.
a. subprime
b. subterranean
c. suboptimal
d. optimus prime

8. An unsolicited distribution of credit cards to persons who have not applied for them is:
a. allowed by most states.
b. voidable.
c. illegal.
d" authorized by nonuse.

9. The owner of a lost credit card is:
a. liable for all purchases made by its finder if the card was lost through negligence.
b. not liable for any purchases if the card was lost despite the exercise of reasonable care by
the cardholder.
c. liable for all purchases if the card originally had been sent to the cardholder without any
prior request and never was used by such holder.
d. not liable for more than $50 for the unauthorized use of the card.

10. If you allow another person to use your credit card but the person uses the card for a purpose other than the one you specified:
a. an unauthorized usage has occurred.
b. an authorized usage has occurred.
c. you will not be responsible for more than $50 of the amount charged"
d. both a. and c.

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