Steven Owns His Own Home

question 9

Multiple Choice

Steven owns his own home.Carl is a salesperson for the A-1 Home Improvement Company.Carl comes to Steven's house,without invitation,and sells Steven some replacement windows on credit.Steven uses his house as collateral for these windows.Later,Steven decides that he does not want the windows.Which of the following best describes Steven's possible actions?

• A) Steven has 3 business days to cancel the contract.
• B) Steven has 7 business days to cancel the contract.
• C) If A-1 failed to notify Steven of his right to cancel the contract,Steven has 2 years to cancel the contract.
• D) Steven is liable under the contract; he has no right to cancel the contract.

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Definitions:

Bankruptcy Trustees

Appointed officials in bankruptcy cases who oversee the debtor's assets, manage the estate, and distribute payments to creditors.

U.S. Attorney General

The head of the United States Department of Justice and the chief law enforcement officer of the federal government.

Insolvency

A financial state in which an individual or entity is unable to meet their debt obligations as they become due, often leading to bankruptcy proceedings.

Debts Exceeds Property

A financial situation where the total amount of liabilities surpasses the value of assets owned.