AFIP - Basic Certification Course With Questions And
100% ALL SURE ANSWERS Rating 100% Graded A+!!!
(True/False): Ignorance of the law will shield you from
liability if you are noncompliant. - ANSWER-False
(True/False): As an F&I manager working directly with
customers, you are individually responsible for your
actions and what you say to each customer. - ANSWER-
True
In a typical credit transaction the (bank)/(dealer) is the
creditor. - ANSWER-The dealer is the creditor
,The formation of a contract requires three elements: -
ANSWER-1. Offer
2. Acceptance
3. Consideration
An offer consists of three elements: - ANSWER-1. An
expression of a promise or commitment (intent) to enter a
contract
2. An expression of definite and certain terms
3. The communication of the offer to the offeree (in this
case, the customer)
An offer may be terminated by: - ANSWER-1. An act of the
parties
,2. The operation of law
There are three criteria for the acceptance of an offer: -
ANSWER-1. The offer is accepted by one who is entitled
to accept
2. The acceptance takes the proper form and is timely
3. The terms of acceptance reflect closely the terms of the
offer and, therefore, do not amount to a counteroffer
What is a contract? - ANSWER-A contract is an
agreement involving a promise or set of promises that the
law enforces or protects.
, The Statute of Frauds - ANSWER-Generally requires that
all contracts involving the sale of goods for a price of $500
or more be in writing.
The Statute of Frauds requires a written contract for the
sale of goods for a price of _______ or more. - ANSWER-
$500
What is required in order for the parties (the individuals
entering into the contract) to have "legal capacity?" -
ANSWER-The parties to the contract must be of legal age
under the laws of the state in which the contract is written.
100% ALL SURE ANSWERS Rating 100% Graded A+!!!
(True/False): Ignorance of the law will shield you from
liability if you are noncompliant. - ANSWER-False
(True/False): As an F&I manager working directly with
customers, you are individually responsible for your
actions and what you say to each customer. - ANSWER-
True
In a typical credit transaction the (bank)/(dealer) is the
creditor. - ANSWER-The dealer is the creditor
,The formation of a contract requires three elements: -
ANSWER-1. Offer
2. Acceptance
3. Consideration
An offer consists of three elements: - ANSWER-1. An
expression of a promise or commitment (intent) to enter a
contract
2. An expression of definite and certain terms
3. The communication of the offer to the offeree (in this
case, the customer)
An offer may be terminated by: - ANSWER-1. An act of the
parties
,2. The operation of law
There are three criteria for the acceptance of an offer: -
ANSWER-1. The offer is accepted by one who is entitled
to accept
2. The acceptance takes the proper form and is timely
3. The terms of acceptance reflect closely the terms of the
offer and, therefore, do not amount to a counteroffer
What is a contract? - ANSWER-A contract is an
agreement involving a promise or set of promises that the
law enforces or protects.
, The Statute of Frauds - ANSWER-Generally requires that
all contracts involving the sale of goods for a price of $500
or more be in writing.
The Statute of Frauds requires a written contract for the
sale of goods for a price of _______ or more. - ANSWER-
$500
What is required in order for the parties (the individuals
entering into the contract) to have "legal capacity?" -
ANSWER-The parties to the contract must be of legal age
under the laws of the state in which the contract is written.
