Fact Pattern 31-1A (Questions A12-A14 Apply)

question 7

Multiple Choice

Fact Pattern 31-1A (Questions A12-A14 apply)
24-Hour Credit Corporation issues high-cost and high-fee mortgage products to people,including Benny,who could not easily obtain credit under other loan programs.
-Refer to Fact Pattern 31-1A.Under federal law,if 24-Hour Credit fails to provide certain material disclosures with respect to the loan,Benny's right to rescind the loan

• A)expires at midnight on the day the loan is finalized.
• B)is immediately revoked.
• C)is extended for up to three years.
• D)is tolled for the duration of the loan payments.

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Definitions:

Lessor

The entity in a lease agreement that possesses the asset and allows the lessee to utilize the asset in return for payments of rent.

Break-Even Lease Payment

The break-even lease payment is the lease payment at which the cost of leasing equals the cost of owning, neither gaining nor losing financially over the term of the lease.

CCA Class

In tax terminology, specifically for Canadian taxation, a system categorizing business assets for the purpose of depreciation calculation.

Turret Lathe

A type of lathe that allows multiple machining operations, like drilling and cutting, to be performed sequentially on a workpiece without repositioning it.