The Consumer Leasing Act Would Not Apply to the Rental

question 205

True/False

The Consumer Leasing Act would not apply to the rental of a car for a week while on vacation.

---

Definitions:

Bank Statement

A monthly or periodic statement summarizing the financial transactions and status of an account holder's bank account.

Credit Memorandum

A document issued by a seller to a buyer, reducing the amount the buyer owes to the seller under certain conditions.

Company Deposit

Funds placed into a financial institution by a company for safekeeping or to earn interest.

Deposits in Transit

Funds that have been sent to a bank but have not yet been recorded in the bank's records and thus do not appear in the bank balance.