business law Exam 3 Study Guide

The United Nations Convention on Contracts for the International Sale of Goods (CISG) is similar to the Uniform Commercial Code in many ways; however, it also has some differences. These include that: (Check all that apply.)

-it does not hold the seller responsible for death or personal injury caused by the goods. -there is no requirement for a written contract. -it doesn't address the validity of a contract for the sale of something illegal.

A personal bankruptcy stays on a debtor's credit report for ______ years.

10 years

Once the Chapter 11 petition is filed, the debtor has ______ days to exclusively file the ______ plan.

120; reorganization

BAPCPA was passed by Congress in ______

2005

Under the Equal Credit Opportunity Act, applicants for a loan must be notified within how many days if their application was accepted or rejected?

30 days

Which of these is not required to prove negligence in a product liability suit against a manufacturer?

The manufacturer sold the goods to the victim.

Under product liability standards, if a person is harmed because of unsafe product, who can the person recover from?

The manufacturer, seller or supplier of the product

____ is the right of ownership to goods.

Title Valid title

Goods held on sale or return: (Check all that apply.)

are held by the buyer. are subject to the claims of the buyer's creditors. must be cared for and used in a reasonable manner.

In which article is Bankruptcy mentioned in the Constitution

article I

In a Chapter 12 bankruptcy, the ______ serves as the disbursing agent.

court-appointed trustee

After a trustee has used the debtor's estate to pay all the creditors, the debtor's debts are

discharged, or wiped away.

In a Chapter 11 proceeding, the court must approve the ______ statement before the creditors can vote on the reorganization plan. Multiple choice question.

disclosure

order a recall and impose civil fines, but not impose criminal liability.

federal

Goods that are not yet in existence or under the control of people are called ______ goods. Examples are fish in the sea, minerals in the ground, goods not manufactured, etc.

future

In a Chapter 12 bankruptcy, the judge ______ to determine whether the plan is ______ and follows the standards in the Bankruptcy Code. Multiple choice question.

holds a hearing; feasible

The federal ______ exemption allows a debtor to keep a certain amount in equity in the debtor's place of residence.

homestead

The law merchant principles of ______ are incorporated into the Uniform Commercial Code. (Check all that apply.)

involvement neutrality universality integration

Chapter 7 bankruptcy is also called a(n) ___

liquidation

Goods are said to be ______ when they are somehow defective, or when they do not match the goods that are called for under the contract.

nonconforming

If a hazardous product is put on the market, the Consumer Product Safety Commission can

order a recall and impose civil fines, but not impose criminal liability.

When a contract involves both goods and services, the court will apply rules based on the

part of the contract that is dominant.

Seeking to implement behavior that promotes public consensus and eliminate behavior that does not is called public ______.

policy

The Chapter 13 reorganization plan must pay all ______ in full and be completed within _____

priority creditors; 3 - 5 years

Unlike other chapters in the Bankruptcy Code, Chapter 11 allows ______ to file for reorganization.

railroads

Often, the dollar amounts in state exemption statutes

reflect a more accurate assessment of property values.

Sales with a right of ______ involve situations where the parties understand that the goods may, at some point, be restored to the buyer even though the goods conform to the contract.

return

Once an automatic ______ goes into effect, all further collection efforts must cease.

stay

The Roman Catholic Church helped to provide a rational and moral foundation for the principles and procedures that guided the activities of merchants in making their contracts. Specifically, the Church insisted: (Check all that apply.)

that merchants never engage in fraud when making contracts. on a good faith approach in contract development.

A debtor in possession performs most of the functions of a bankruptcy ______.

trustee

Goods are: (Check all that apply.)

valuable. tangible. moveable.

Goods that satisfy exactly the terms of the sales contract are ______ goods.

conforming

An order in which a company agrees to stop a disputed practice without admitting that it broke the law is called a

consent order.

Under the law, someone who buys or leases goods for personal, family or household purposes is a(n) _____

consumer

Which of the following must be disclosed to a borrower under the Truth-in-Lending Act?

Both the finance charge and the annual percentage rate

A goal of the Uniform Consumer Sales Practices Act is to coordinate state consumer laws with

both federal law and other state laws

In 1787, the framers also had Shay's Rebellion on their minds, and worked to provide a strong ______ government in the Constitution.

central