If Your Credit Application Is Denied,you

question 56

Multiple Choice

If your credit application is denied,you:

• A)should sue the credit rating agency.
• B)should file a complaint against the merchant.
• C)have no legal right to know why.
• D)are entitled to know the specific reason you were denied credit.
• E)can reapply for credit after six months.

---

Definitions:

UCC

The Uniform Commercial Code, a comprehensive set of laws governing all commercial transactions in the United States.

Oral Contract

is an agreement between parties that is spoken and not written down, yet is legally binding, provided it can be proven to exist and meets legal requirements.

Written Memorandum

A document recording the terms of a contract or agreement, not necessarily formalized but intended as a binding outline of intent between parties.

Course of Performance

A term used in contract law referring to the conduct between parties that can help interpret the agreement's terms over time.