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Personal Law > Unit 4 > Flashcards

Unit 4 Flashcards

0
Q

Caveat emptor

A

Buyer beware. Used goods

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1
Q

Consumer

A

Person who buys goods or services from a seller

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2
Q

Contract

A

An agreement between two or more persons to exchange something of value

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3
Q

Breached

A

Party who fails to live up to the promise of a contract

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4
Q

Offer

A

Offering directly to a specific person

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5
Q

Acceptance

A

The directed person accepts the offer

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6
Q

Consideration

A

Something of value is given for something else of value

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7
Q

3 ways to accept a contract

A

Statement
Performance
Promise

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8
Q

Cosign

A

Required of minors

Adult cosinger is responsible for making payments if the minor hacks out of the deal

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9
Q

Ratified

A

After a minor reaches the age of majority

Contract can no longer be canceled

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10
Q

Unconscionable

A

Harsh, unfair contract that courts won’t enforce

  1. Extremely unfair
  2. Take it or leave it
  3. Bargain power on one side
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11
Q

Fraud

A

False statement about an important fact that is made to induce a person to agree to a contract
Court won’t enforce

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12
Q

Warranty

A

Promise or guarantee made by a seller concerning the quality or performance of goods offered for sale

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13
Q

Expressed warranty

A

Written, oral, or demonstration statement concerning the quality or performance of goods offered for sale. Becomes part of the bargain

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14
Q

Puffing

A

Sales talk. Cannot be relied on

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15
Q

Magnuson-Moss warranty act

A
  1. Disclose all the essential terms and conditions in a single document
  2. Be stated in simple and easy to read language
  3. Be made available to the consumer before a sale
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16
Q

Implied warranty

A

Unwritten promise created by law that a product will do what’s it’s supposed to do

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17
Q

Warranty of merchantability

A

Unwritten promise that the item sold is of at least average quality for that type of item

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18
Q

Warranty of fitness for a particular purpose

A

When a consumer tells a seller before buying an item that it is needed for a specific purpose or will be used in a certain way

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19
Q

Warranty of title

A

Seller’s promise that they own the item being offered for sale

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20
Q

Disclaimer

A

Attempt to limit that seller’s responsibilities should anything of wrong with a product

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21
Q

Credit

A

Buying goods or services now in exchange for a promise to repay it in the future

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22
Q

Creditors

A

People who lend money or provide credit

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23
Q

Debtors

A

People who borrow money or buy on credit

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24
Q

Finance charge

A

Additional money over the amount borrowed for the privilege of using the credit

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25
Q

Interest

A

Money paid for use of someone else’s money

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26
Q

Unsecured credit

A

Credit extended in exchange for a promise to repay in the future

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27
Q

Secured credit

A

Credit for which the consumer must put up some property of value as a protection in the event the debt is not repaid

28
Q

Collateral

A

Property of value as protection in the event the debt is not repaid

29
Q

Default

A

A borrower who does not make the required payments

30
Q

Annual percentage rate (APR)

A

Percentage cost of credit on a yearly basis

31
Q

Debit cards

A

Electronic funds transfer. Allow you to withdraw money from your account by using an ATM

32
Q

Usury

A

Charging any amount above the legal limit

33
Q

Variable interest rates

A

The amount of it Ernest you are charged changes from time to time and is computed based on conditions in the economy

34
Q

Credit property insurance

A

Insures the purchased item against theft or damage

35
Q

Credit life/ disability insurance

A

Guarantees payment of the balance due if the buyer should die or become disabled during the term of the contract

36
Q

Service charge

A

Covers the seller’s cost of bookkeeping, billing…

37
Q

Penalty charge

A

Covers the seller’s inconvenience in case of late payments

38
Q

Loan sharking

A

Lend money at high, often usurious, illegal rates of interests

39
Q

Balloon payments

A

The last payment is much larger than the monthly payments

40
Q

Acceleration clause

A

Permits the creditor to make all future payments due immediately in the event a consumer misses a single payment

41
Q

Bill consolidation

A

Combining all your debts into a single one

42
Q

Bankruptcy

A

Procedure through which a person places assets under the control of federal court in order to be relieved of a debt

43
Q

Repossess

A

Take back the collateral if the borrower defaults on the loan or obligation

44
Q

Default judgment

A

Judgment entered for the plaintiff (creditor) against the defendant (debtor)

45
Q

Garnishment

A

A court order that forces the debtor’s employer to withhold part of the debtor’s wages and pay it directly to the creditor

46
Q

Attachment

A

Court order that forced a bank to pay the creditor out if a consumer’s bank account or seize the consumer’s property and sell it to satisfy the debt

47
Q

Five general characteristics when shopping for cars

A
  1. Safety
  2. Price
  3. Quality
  4. Warranty
  5. Fuel economy
48
Q

Lease

A

Consumer does not own the car but pays a monthly fee to drive the car for a certain time period

49
Q

Mortgage

A

Lender pays the seller the purchase price and the buyer makes regular payments over time

50
Q

Term

A

Length of the loan

51
Q

Tenant

A

Renter

52
Q

Landlord

A

Owner

53
Q

Lease/ rental agreement

A

Contract sets out the amount of rent and time that it’s rented

54
Q

Lease application

A

Form that the landlord uses to determine whether you qualify for the rental

55
Q

Month to month lease

A

Enables you to leave after 30 days notice

56
Q

Tenancy at will

A

Allows a tenant to move in with the understanding that the lease is for an indefinite period

57
Q

Tenancy for years

A

Prevents the landlord from raising the rent or evicting the tenant during the period of the lease

58
Q

How much landlord wants to charge

A
  1. Mortgage payment
  2. Tenant stability
  3. Market demand
  4. Quality of property rent control
59
Q

Rent control

A

Put a limit on how much existing rents can be raised

60
Q

Right to quiet enjoyment

A

A tenant has aright to use and enjoy the property without being disturbed by the landlord or other tenants

61
Q

Warranty if habitability

A

That landlord promises to provide a place fit for human habitation

62
Q

Housing codes

A

Set minimum standards for repairs and living conditions within rental houses or apartments

63
Q

Security deposits

A

One Monty’s rent landlord keeps to make sure the tenant takes care of the property and abides by the terms of the lease

64
Q

Fixture

A

Items attached to the property in such away that their removal would damage the property

65
Q

Waiver of tort liability

A

Tenant agrees to waive the usual right to hold the landlord responsible for personal injuries

66
Q

Right of entry or access clause

A

Give landlords and their agents the right to enter the premises to make repairs, collect the rent, or enforce other provisions of the lease

67
Q

Sublease clause

A

Tenant allows someone else to live on the premiere and pay all or part of the rent

68
Q

Release

A

Tenant is excused from all duties related to the propert and the lease

Personal Law (4 decks)

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