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Business Law Ch. 7

Total questions: 23

Worksheet time: 12mins

Name
Class
Date
1.

A collection of laws that governs various types of business transactions.

a)

Uniform Commercial Code (UCC)

b)

Procedural Law

c)

4th Amendment

d)

Duty of Care

2.

The right of ownership to goods.  A formal document, such as a deed, that serves as evidence of ownership.

a)

duty

b)

title

c)

license

d)

document

3.

A merchant's written promise to hold an offer open for the sale or lease of goods.

a)

title

b)

interest

c)

bill of sale

d)

firm offer

4.

Formal evidence of ownership

a)

bill of sale

b)

report card

c)

documents

d)

real-world ethics

5.

A legal interest in the protection of property from injury, loss, or destruction.

a)

dominant

b)

warranty

c)

insurable interest

d)

buyers

6.

Title that may be canceled if the injured party chooses to do so

a)

firm offer

b)

limited warranty

c)

express warranty

d)

voidable title

7.

A guarantee, usually by a seller to a buyer, that a product will perform as promised.

a)

warranty

b)

duty

c)

contract

d)

capacity

8.

An oral or written statement, promise, or other representation about the quality of a product.

a)

express warranty

b)

open warranty

c)

single warranty

d)

simple warranty

9.

An assurance that a defective product will be repaired or replaced without charge within a reasonable time.

a)

signature

b)

warranty

c)

Procedural Law

d)

full warranty

10.

Any written warranty that does not meet the requirements of a full warranty; ex:  may cover parts, but not labor.

-0

a)

full warranty

b)

limited warranty

c)

void warranty

11.

A guarantee of quality imposed by law

a)

implied warranty

b)

limited warranty

12.

An implied warranty that goods are fit for the ordinary purpose for which the goods are sold

-0

a)

warranty of merchantability

b)

false imprisonment

c)

fraud

d)

durress

13.

An implied warranty that goods will be fit for a specific use is called a

warranty of fitness for a particular purpose.


a)

True

b)

False

14.

Exercising the most influence or control is called 

a)

title

b)

sales of goods

c)

firm offer

d)

dominant

15.

To void or annul by recalling, withdrawing, or reversing.

a)

revoke

b)

reward

c)

Fraud

d)

return

16.

To make known

a)

write

b)

slander

c)

show

d)

disclose

17.

When a store advertises bargains that do not exist, this is a form of

a)

confusion

b)

obligations

c)

debts

d)

bait and switch

18.

Works to prevent fraudulent, deceptive, and unfair business practices.  They also provide information to help consumers spot, stop, and avoid scams and fraud.

a)

Federal Trade Commission (FTC)

b)

Courts of Appeals

c)

Injunction

d)

Fixed Pricing

19.

A fraudulent misrepresentation is any statement that

a)

describes a buyer

b)

cancels a contract

c)

deceives a buyer

d)

advertises a product

20.

The negative option rule applies to products that are sent

a)

to a business

b)

on a regular basis

c)

randomly

d)

by mistake

21.

The cooling-off rule gives you three business days to 

a)

disclose something that is important to the consumer

b)

refuse to promise delivery of the advertised product within a reasonable time


c)

cancel a transaction made away from a seller's regular place of business

10 re

d)

extend a written sales contract to a buyer

22.

A warranty in the form of an actual sample of a product would be

a)

an express warranty

b)

a warranty of fitness

c)

a warranty of title

d)

a limited warranty

23.

An implied warranty is a guarantee imposed by 

a)

the seller

b)

the manufacturer

c)

law

d)

the buyer