Deceitful Practices and Fraud Are Ongoing Concerns for Those Transacting

question 48

Multiple Choice

Deceitful practices and fraud are ongoing concerns for those transacting business on the internet.Pat has recently been the victim of such a scam.He gets into a heated discussion with a friend over the application of current consumer protection laws to online transactions.Which of the following statements is correct?

• A)Although new legislation may be enacted in the future,general consumer protection legislation has yet to be extended to online transactions in any Canadian jurisdiction.
• B)Consumer protection law in respect of online transactions is governed by the federal Universal Internet Transactions Act (UITA).
• C)While case law applies to online activities,statute law-such as sale of goods legislation-does not apply to such transactions.
• D)Provinces are adopting federal Uniform Electronic Commerce Act guidelines.
• E)Provincial consumer protection legislation has been ineffective in protecting consumers with respect to internet transactions.

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Definitions:

Rate of Return

The percentage of net gain or loss on an investment over a specified time period.

Cash Flows

The total amount of money being transferred into and out of a business, particularly affecting the operational activities.

Annual Payment

A recurring payment made once a year for a variety of purposes, including loan repayments, leases, and annuities.

Perpetuity

A type of annuity that pays a fixed amount of money to an individual indefinitely, without a termination date.