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Author Question: The Truth-in-Lending Act applies to all credit transactions. Indicate whether the statement is ... (Read 70 times)

stephzh

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on: Jun 24, 2018
The Truth-in-Lending Act applies to all credit transactions.
  Indicate whether the statement is true or false

Question 2

Dave Kartchner had rented a storage locker at Desert Storage on a month-to-month basis for three years. His contract provided that he could end the lease at any time by giving ten days notice to the managers of the storage facility. On May 20, Dave went to the office and told a young man running the front desk that he would be leaving his locker at the end of the month, May 31. The young man made a notation and reminded Dave to clean out his locker. In June, Dave received a notice from Desert Storage that he owed 25 rent for June plus a 7 late fee. He called to explain he had given notice of termination. The managers explained that their son, who was working the desk that May 20, had no authority to take notices of termination. Will Dave be liable? Why or why not?


Mochi

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Reply #1 on: Jun 24, 2018
Answer to Question 1

FALSE

Answer to Question 2

The son may not have had actual authority but he had apparent authority that he had been clothed with when his parents allowed him to manage the office in their absence. Part of office management includes dealing with tenants and taking notices of defects, rent, terminations, and so on. The contract should have specified otherwise or the son should have explained the limitations of his authority, for without such express limitations he had apparent authority to take Dave's notice.


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