Intangibility and homogeneity are characteristics that differentiate services from manufactured products
Indicate whether the statement is true or false
false
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Mid-Town Plumbers Inc is considering the purchase of a machine costing approximately $6,000. Using a discount rate of 19%, the present value of future cash inflows are calculated to be $6,700. To yield at least an 19% return, the actual cost of the machine should not exceed the $6,000 estimate by more than:
A) $4,000 B) $6,000 C) $800 D) $700
________ is a term that denotes the return of goods or property received from the other party to undo a contract
A) Rescission B) Recession C) Restitution D) Retribution
Which of the following is a correct statement regarding residential mortgages?
A) Lenders are no longer allowed to pay mortgage brokers a commission based on the interest rate for a home loan. B) The Dodd-Frank Act would require borrowers to pay a portion of the closing cost up front and include the rest within the loan in the form of a higher interest rate. C) Prepayment penalties are unlimited unless they are capped in the mortgage agreement. D) Lenders are not required to determine whether the borrower could afford the monthly mortgage/payments, combined with insurance and assessments.
An exculpatory clause is generally unenforceable when
a. it attempts to release a party from liability for ordinarily negligent behavior. b. it involves public transportation. c. it is written clearly and in bold, large print. d. the affected activity is a recreational activity.