BUSINESS LAW - CHAPTER 17 (Warranties and Product Liability)

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Author:
rootbytes
ID:
271767
Filename:
BUSINESS LAW - CHAPTER 17 (Warranties and Product Liability)
Updated:
2014-04-24 12:32:07
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Business Law
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Chapter 17 Terms
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  1. Express Warranty
    A promise that is included in a contract concerning the quality, condition, description, or performance of the goods being sold or leased.
  2. Implied Warranty
    A warranty that arises by law because of the circumstances of a sale rather than by the seller’s express promise.
  3. Implied Warranty of Merchantability
    A warranty that goods being sold or leased are reasonably fit for the general purpose for which they are sold or leased, are properly packaged and labeled, and are of proper quality.
  4. Implied Warranty of Fitness for a Particular Purpose
    A warranty that goods sold or leased are fit for the particular purpose for which the buyer or lessee will use the goods.
  5. Magnuson-Moss Warranty Act
  6. Product Liability
    The legal liability of manufacturers, sellers, and lessors of goods for injuries or damage caused by the goods to consumers, users, or bystanders.
  7. Product liability claim based on negligence (elements)
  8. Product liability claim based on strict liability (elements)
  9. Market Share Liability, know
    defenses  to product liability claim
    A theory under which liability is shared among all firms that manufactured and distributed a particular product during a certain period of time. This form of liability sharing is used only when the true source of the harmful product is unidentifiable.

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