CONTRACTS!
WARRANTIES!
DECEPTION!
HOUSING!
CONSUMER PROTECTION!
100
The three basic & necessary elements of a contract.
What are offer, acceptance, and consideration?
100
Any written or oral statement, or demonstration, about the quality or performance of goods that enters into bargaining between parties
What is an express warranty?
100
The use of obvious exaggerations in advertising.
What is puffing?
100
A type of contract between a landlord and a tenant/
What is a lease?
100
This civil remedy requires a seller to carry out the terms of contract that he/she has breached.
What is specific performance?
200
Any contract of this amount or more MUST be in written form to be legally binding in a court of law.
What is five hundred bucks?
200
The implied warranty that the item being ain't stolen.
What is the warranty of title?
200
The amount of time you have to back out of any contract with a door-to-door salesman worth more than $25 without penalty.
What is three days?
200
A long-term secured loan, generally used to purchase a house, that uses the house itself as collateral, and usually has a repayment term of 15 to 30 years.
What is a mortgage?
200
If you have not been a smart consumer and wind up in debt up to your eyeballs, you can still file for Chapter 7 or Chapter 13 of this and avoid having to pay off your debtors for the rest of your life.
What is bankruptcy?
300
An adult who agrees to honor the terms of a contract entered into by a minor if the minor breaches the terms of the contract.
What is a cosigner?
300
Attempts by sellers to limit their responsibility or get out of an implied warranty.
What are disclaimers?
300
An example of this type of advertising technique is an infomercial.
What is "seeing is believing?"
300
A type of housing contract that only requires 30 days notice for the tenant to vacate (or the landlord to evict).
What is month-to-month OR tenancy-at-will?
300
This civil remedy is designed to return a buyer and a seller to the same positions they were in before they entered into the contract in question.
What is the remedy of rescission and restitution?
400
What a contract is deemed to be too harsh or unfair legally unenforceable because the consumer was presented with it on a "take it or leave it basis" AND there was uneven bargaining power between parties.
What is unconscionable?
400
The implied warranty that the item being sold is appropriate for the stated purpose of the buyer.
What is the warranty of fitness for a particular purpose?
400
Similar to the "bait and switch," the use of these in advertising is legal as long as the seller has an adequate supply of them in stock and does not disparage them to get the buyer to purchase a more expensive item instead.
What are loss leaders?
400
A long-term housing contract for a fixed length of time; break this, and you could get stuck paying the whole amount, even if you don't live there anymore!
What is tenancy-for-years?
400
If you wish to sue a seller who has breached a contract for a low amount of money, you may wish to consider filing in this; but be warned, you may not be allowed to bring an attorney or appeal the judge's decision.
What is small claims court?
500
The first is when one party refuses to honor the terms of a contract, and the second is when false or misleading information is used to persuade a party to agree to a contract.
What are breach and fraud?
500
To get out of this particular implied warranty, a seller MUST use specific language, such as "sold as is," or "with all defects."
What is the warranty of merchantability?
500
These two government agencies regulate advertising; the former regulates many "sketchy" selling practices, and the latter regulates everything that that gets broadcast or transmitted over the telephone, television, or radio.
What are the Federal Trade Commission and the Federal Communications Commission?
500
A clause in rental agreements that requires tenants to give up the right to hold landlords responsible for personal injuries caused by the landlord's neglect. Courts pretty much NEVER uphold these anymore.
What is a waiver of tort liability?
500
The illegal practice of charging excessively high interest rates on loans (and a favorite racket of the Mafia).
What is usury?
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