The ________ Codified the Ethics of Exchange Between Buyers and Sellers

question 6

Multiple Choice

The ________ codified the ethics of exchange between buyers and sellers, including the rights to safety, to be informed, to choose, and to be heard.

• A) Lanham Act
• B) Fair Practices Act
• C) Caveat Emptor Decree
• D) Consumer Bill of Rights
• E) Customer Consent Decree

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Definitions:

Simple Contract

A contract that can be either oral or written, as opposed to a formal contract which requires a special form or method of creation.

Informal Contract

An oral or written contract that is not under a seal or is not a contract of record. Also called simple contract.

Quasi-Contract

An obligation imposed by the law to avoid injustice, even though no true contract exists between the parties.

Duty to Mitigate Damages

The legal principle requiring a party suffering loss as a result of a breach of contract to take reasonable action to minimize the financial harm.