Under the ________,If a Consumer Challenges the Accuracy of Pertinent

question 52

Multiple Choice

Under the ________,if a consumer challenges the accuracy of pertinent information contained in a credit file,the agency may be compelled to reinvestigate.

• A) Fair Credit Reporting Act
• B) Fair Credit Billing Act
• C) Fair and Accurate Credit Transactions Act
• D) Equal Credit Opportunity Act

Recognize the legal consequences of fraudulent misrepresentations within various jurisdictions.

Analyze the role of equity in resolving contract disputes involving mistake or misrepresentation.

Identify different types of misrepresentation and their impact on contract validity.

Examine the legal and ethical considerations in scenarios involving undue influence, duress, and economic pressures.

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Definitions:

Perfectly Competitive

A market structure where many firms sell identical products, entry and exit are easy, and no single buyer or seller has market power.

Total Revenue

The total income generated from the sale of goods or services, calculated by multiplying the price per unit by the number of units sold.

Market Price

The present cost at which one can buy or sell an item or service in a competitive market environment.

Perfectly Elastic

A situation where the demand or supply responds infinitely to changes in price, resulting in a horizontal demand or supply curve.