AFIP CERTIFICATION EXAM QUESTIONS |LATEST
VERSION 2025\26 |GUARANTEED PASS!!
Terms in this set (465)
(True/False): Ignorance of the False
law will shield you from liability
if you are noncompliant.
(True/False): As an F&I manager True
working directly with customers,
you are individually responsible
for your actions and what
you
say to each customer.
In a typical credit transaction the The dealer is the creditor
(bank)/(dealer) is the creditor.
A contract is an agreement involving a promise or set of
What is a contract?
promises that the law enforces or protects.
, 1.Offer
The formation of a contract
2.Acceptance
requires three elements:
3.Consideration
, 1. An expression of a promise or commitment (intent) to
enter a contract
An offer consists of three
2. An expression of definite and certain terms
elements:
3.The communication of the offer to the offeree (in this case,
the customer)
1. An act of the parties
An offer may be terminated by:
2. The operation of law
1. The offer is accepted by one who is entitled to accept
There are three criteria for the 2. The acceptance takes the proper form and is timely
acceptance of an offer: 3.The terms of acceptance reflect closely the terms of the offer
and, therefore, do not amount to a counteroffer
Generally requires that all contracts involving the sale of goods
The Statute of Frauds
for a price of $500 or more be in writing.
The Statute of Frauds requires $500
a written contract for the sale
of goods for a price of__or
more.
What is required in order for The parties to the contract must be of legal age under the laws
the parties (the individuals of the state in which the contract is written.
entering into the contract) to
have "legal
capacity?"
1. The need for a written agreement under the Statute of
Criteria that can block the Frauds and certain provisions of the Uniform Commercial Code
formation of a valid contract: (U.C.C.)
2. The need for legal capacity of a party to contract
VERSION 2025\26 |GUARANTEED PASS!!
Terms in this set (465)
(True/False): Ignorance of the False
law will shield you from liability
if you are noncompliant.
(True/False): As an F&I manager True
working directly with customers,
you are individually responsible
for your actions and what
you
say to each customer.
In a typical credit transaction the The dealer is the creditor
(bank)/(dealer) is the creditor.
A contract is an agreement involving a promise or set of
What is a contract?
promises that the law enforces or protects.
, 1.Offer
The formation of a contract
2.Acceptance
requires three elements:
3.Consideration
, 1. An expression of a promise or commitment (intent) to
enter a contract
An offer consists of three
2. An expression of definite and certain terms
elements:
3.The communication of the offer to the offeree (in this case,
the customer)
1. An act of the parties
An offer may be terminated by:
2. The operation of law
1. The offer is accepted by one who is entitled to accept
There are three criteria for the 2. The acceptance takes the proper form and is timely
acceptance of an offer: 3.The terms of acceptance reflect closely the terms of the offer
and, therefore, do not amount to a counteroffer
Generally requires that all contracts involving the sale of goods
The Statute of Frauds
for a price of $500 or more be in writing.
The Statute of Frauds requires $500
a written contract for the sale
of goods for a price of__or
more.
What is required in order for The parties to the contract must be of legal age under the laws
the parties (the individuals of the state in which the contract is written.
entering into the contract) to
have "legal
capacity?"
1. The need for a written agreement under the Statute of
Criteria that can block the Frauds and certain provisions of the Uniform Commercial Code
formation of a valid contract: (U.C.C.)
2. The need for legal capacity of a party to contract
