Lemon Laws,which Assist Consumers Who Have Purchased Automobiles That Turn

question 41

Multiple Choice

Lemon laws,which assist consumers who have purchased automobiles that turn out to be "lemons,":

• A)are enacted by state legislatures.
• B)are enacted by Congress.
• C)are included in the warranty provisions of the UCC.
• D)have been preempted by the Magnuson-Moss Warranty Act.

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Definitions:

Interest Payable

This is a liability account that records the amount of interest the company owes but has not yet paid.

Notes Payable

Written agreements where a borrower agrees to pay back a specified sum of money to a lender at a future date, typically with interest.

Sales Taxes Payable

Liabilities owed to local, state, or federal tax authorities from sales made, collected by the company from customers at the time of sale.

Interest Charged

Interest charged refers to the cost of borrowing money, usually expressed as a percentage of the principal loan amount to be paid over a specific period.