A What Was the Common Law Rule with Respect to Consumer

question 63

Essay

a. What was the common law rule with respect to consumer transactions? How has this rule been changed by recent statutory enactments?
b. Why do you think there were so many consumer protection statutes passed in the last fifty years?

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Definitions:

Disclosure Exemption

A provision allowing an entity to not disclose certain information that is normally required by accounting standards.

Government-related Entities

Entities that are controlled, jointly controlled or significantly influenced by a government.

Quantitative Indication

Numerical evidence or metrics that signal the performance, situation, or condition of an entity or market.

Key Management Personnel

Individuals with authority and responsibility for planning, directing, and controlling the activities of an entity, typically at a high level.