BUS 121 UA 3-1 Answers from instructor

BUS 121 UA 3-1 Answers from instructor - and any service...

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UNIT 3-1 1. List 3 types of implied warranties and explain what is meant by "implied by law." a. Title, Service, Product Liability. federal law says we have these whenever we buy personal property. nothing has to be said or written to the purchaser to get these warranties. 2. When does strict liability apply to product use? a. whenever anybody is using the product and is hurt, no matter that they are not the owner. 3. What is the purpose of a disclaimer? a. to protect the manufacturer from exposure to product liability suits. 4. How do truth in lending laws protect debtors? a. keep creditors from taking advantage of them; force creditors to disclose financing information (given in next answer). 5. What is required to be shown to a debtor in a credit contract? a. debtor must be told the APR (annual interest rate), the total payback on the loan,
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Unformatted text preview: and any service fees or cost of getting the loan. 6. Explain how you have served as an agent in the past. a. (student's personal answer - anytime you were paid for your work.) 7. What are the obligations (responsibilities) of agents to principals? Principals to agents? a. read in the chapter. agents must be loyal, obedient, honest, accountable, etc.; b. principals must compensate, reimburse, indemnify, communicate, etc. 8. What is the difference between an employee agent and an independent contractor agent? a. independent works for, or can work for, several different principals at the same time. 9. When and how are agencies terminated? a. read in the chapter. same as termination of any type of contract. most often due to completion of the job....
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