1) The Truth-in-Lending Simplification Act: eliminates statutory penalties for p
ID: 456351 • Letter: 1
Question
1)
The Truth-in-Lending Simplification Act:
eliminates statutory penalties for purely technical violations of the Act.
2)
A tort is any civil wrong other than a breach of contract.
True or
False
3)
Due diligence defense requires that an expert prove that a reasonable investigation of the financial statements of the issuer and _____ was conducted.
A. permits debt collectors to contact third parties but the debt collector may not state that the consumer owes a debt. B. redefines the necessary items to be included in a finance statement. C. requires the First Bank of the United States to issue model disclosure forms. D. requires the imposition of fines for technical breaches of the Act. E.eliminates statutory penalties for purely technical violations of the Act.
2)
A tort is any civil wrong other than a breach of contract.
True or
False
3)
Due diligence defense requires that an expert prove that a reasonable investigation of the financial statements of the issuer and _____ was conducted.
A. sellers B. bailees C. underwriters D. controlling persons E. guarantorsExplanation / Answer
1) Truth in lending simplification act may permits debt collectors to contact third parties but the debt collector may not state that the consumer owes a debt.
2)
Yes, a tort is a civil wrong other than a breach of contract. The civil wrong means that any wrong done by citizens or person who may be unintentional, which results to damages such as death, personal injury, property damages, nervous shock or any consequential loss.
3)Due diligence defense requires that an expert prove that a reasonable investigation of the financial statements of the issuer and controlling persons was conducted.
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