A Consumer Conducting Business with a Bank Must Accept the Standard

question 11

Multiple Choice

A consumer conducting business with a bank must accept the standard set of terms expressed in the loan agreement,even though those terms are non-negotiable and typically favour the bank.Why would a modern-day court most likely continue to uphold these contractual "take it or leave it" arrangements?

• A) the law expects a bank to show goodwill toward its customers
• B) the agreement does not require further elaboration or clarification
• C) the law expects people to take care of themselves
• D) consumers accept the bank's unconditional offer

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Definitions:

Insurable Interest

A real and substantial interest in specific property or in someone’s life.

Insured-against Event

A specific occurrence or risk covered under an insurance policy, for which the insurer agrees to compensate the insured party if it happens.

Professional Malpractice

Negligence or incompetence on the part of a professional, such as a doctor or lawyer, that results in harm to a client or patient.

Liability Insurance

Insurance coverage that protects against claims arising from injuries or damage to other people or property.