When Did Installment Credit Explode on the North American Scene

question 109

Multiple Choice

When did installment credit explode on the North American scene?

• A)Just after World War II
• B)with the advent of television in the late 1940s
• C)with the advent of the automobile in the early 1900s
• D)during the recession of the 1950s
• E)during the inflation of the 1970s

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Definitions:

Enforceable Offer

A proposal made in a contract that is legally binding and can be enforced in a court of law, provided it meets all the required conditions.

Restatements of the Law

A set of treatises published by the American Law Institute, articulating the principals of common law in the United States.

CISG

The United Nations Convention on Contracts for the International Sale of Goods, a treaty that establishes a uniform legal framework for international commerce.

Conforming Goods

Products that meet the specifications and standards outlined in a contract of sale.