In the Case Mathis V

question 22

Multiple Choice

In the case Mathis v.Exxon Corporation,the Federal Court of Appeals held that:

• A)Exxon fixed the price of gasoline in bad faith.
• B)the UCC did not apply to the sale of gasoline as it is not a "good".
• C)the decision of the District court had to be reversed.
• D)it did not have jurisdiction as the UCC is not a Federal statute.

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Definitions:

Household Debt

The total amount of money owed by all members of a household, including mortgages, credit cards, and other loans.

Reserve Assets

Funds or other assets held by a central bank or monetary authority to back its liabilities and support the stability of its currency.

Adjustable Rate Mortgages

A type of mortgage loan where the interest rate can change, typically in relation to an index, and thus monthly payments can increase or decrease.

Economic Efficiency

The optimal allocation of resources to maximize output and meet the population's needs and wants.