1. In which of the following situations involving oral contracts can the Statute of Frauds be raised?

a)		if the seller of specially manufactured goods has made a commitment for their procurement
b)		if the party against whom enforcement of an oral contract is sought has not admitted of such a contract in pleadings in court
c)		if a written confirmation has not been objected by a party in an oral agreement
d)		when a contract that requires written confirmation has been agreed-on orally

2. Perfection ________ is a situation where the creditor does not have to file a financing statement or take possession of the goods to perfect a security interest.

	a)	by possession of collateral
	b)	without statement
	c)	by attachment
	d)	by claim

3. The ________ is a federal statute, enacted by the Congress in 2010, that reorganizes federal government supervision of the banking system, regulates previous unregulated financial products and institutions, and adds a new consumer protection agency to protect consumers from abusive lending and banking practices.

a)		Depository Institutions Deregulation and Monetary Control Act
b)		Financial Institutions Reform, Recovery, and Enforcement Act
c)		Dodd-Frank Wall Street Reform and Consumer Protection Act
d)		Riegle-Neal Interstate Banking and Branching Efficiency Act

4. Which of the following is true of a promissory note?

a)		It is not an order to pay.
b)		It is a three-party instrument.
c)		The payee cannot transfer a note to a third party.
d)		The party who makes the promise is the lender.

5. Which of the following is designed put the burden on mortgage lenders to verify that a borrower can afford to repay the loan for which he or she has applied?

a)		Mortgage Reform and Anti-Predatory Lending
b)		Fair Credit Reporting Act
c)		Consumer Financial Protection Act of 2010
d)		Truth-in-Lending Act