____________________________ Sets Up a Procedure for the Prompt Correction of Errors

question 123

Multiple Choice

____________________________ sets up a procedure for the prompt correction of errors on a revolving charge account and prevents damage to credit ratings while a dispute is being settled.

• A) Truth in Lending Act
• B) Equal Credit Opportunity Act
• C) Federal Trade Commission Improvement Act
• D) Fair Credit Billing Act

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Definitions:

Implied Authority

Authority not expressly granted but assumed to be given due to the nature of a job or position.

Apparent Authority

A form of authority that an agent seems to have because of actions or representations made by the principal, leading third parties to reasonably believe the agent is authorized.

Contract

A legally binding agreement between two or more parties that creates mutual obligations enforceable by law.

Implied Authority

The power of an agent to act on behalf of a principal, derived from the actions, words, or conduct of the principal rather than from an explicit written or spoken agreement.