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Clem Had Wanted a Piano for a Long Time

question 140

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Clem had wanted a piano for a long time. Although he was a minor, his mom gave him $300 and he took this with some savings and made a $500 down payment on a $3000 piano. The balance was to be paid over a three-year period. His mom signed the contract as a guarantor. Clem made the first three payments, but he damaged the piano trying to move it from the living room to his upstairs bedroom. He didn't have the money to get it fixed. He quit playing, lost interest, and quit making his payments. On these facts, which of the following is false?


Definitions:

Social Audit

A formal review of a company's endeavors, structures, and procedures to evaluate its impact on social, ethical, and environmental issues.

Social Issues

Problems that affect many individuals within a society, relating to matters such as inequality, poverty, and environmental degradation.

Philanthropy

The act of donating money, goods, services, or time to support a charitable cause or contribute to the welfare of others.

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