Business Law - Ch. 7 & 8 Review

The cooling-off rule gives you three business days to change your mind about a transaction that was made away from the seller’s regular place of business.

• True

• False

Common carriers are liable for damages to all the goods they ship even when they are not negligent.

• True

• False

Sales law applies to the sale of goods and property.

• True

• False

Walmart purchased 10 new self-checkout machines and paid to have them installed. The common law of contract applies in this situation.

• True

• False

Lost property must be returned to the owner if the owner can be found.

• True

• False

Most property is acquired by purchase, gift or inheritance.

• True

• False

Items attached to a house, such as kitchen cabinets and fixtures, are NOT considered real property.

• True

• False

A registered trademark continues for 15 years, and it may be renewed for additional 15-year periods.

• True

• False

Goods must be movable to be valid subject matter of a sales contract.

• True

• False

A bailee is always liable for any damage to goods in his or her possession.

• True

• False