OMVIC Chapter 6 Study Guide with Complete Solutions | 100% Pass

OMVIC Chapter 6 Study Guide with Complete Solutions | 100% Pass True or False: The MVDA remedy of rescission (cancellation of a sales contract) is available only to a customer who is a "consumer." - answer-True Dealers are required to disclose all the information set out below (a - f); however, rescission is only granted automatically for failing to disclose three of them. Which are they? - answer-The make, model and model year of the vehicle, The vehicle was previously a taxi or limo,The vehicle has been branded There are three other disclosure requirements that, if not met, trigger a customer's rescission rights. What are they? - answer-Rescission is triggered if the following is not disclosed: • Previous use as police/emergency services vehicle • Previous use as daily rental (unless subsequently owned by someone other than a dealer)• Mileage/distance travelled True or False: The remedy of rescission is available to a customer who is also a dealer. - answerFalse Under the MVDA, a customer entitled to rescission has how long to request cancellation? - answer-90 Days True or False: Consumers may also have up to one year to request rescission under the Consumer Protection Act. - answer-TrueWhat is the margin of error allowed to a dealer who provides the distance driven (odometer reading) or who cannot determine the total distance driven, but can determine the distance driven as of some past date? - answer-5% or 1,000km whatever comes first True or False: If the dealer "inflated" the selling amount of a vehicle and the dollar amount of a trade-in, and the contract ends up being rescinded, the dealer would have to return the inflated trade-in dollar amount. - answer-True