Essentials of Business Law Chapter 18

Card Set Information

Essentials of Business Law Chapter 18
2014-06-03 16:21:20
Business Law

Chapter 18
Show Answers:

  1. Warranty
    A guarantee or promise made by the manufacturer or seller that the goods or services offered really are what they claim to be, or that goods or services are what a reasonable person has a right to expect.
  2. Express warranty
    An explicit, specifically stated promise.
  3. Implied warranty
    A guarantee suggested or inferred from known facts and circumstances.
  4. Custom of the marketplace
    What a warranty usually means in similar transactions.
  5. Disclaimer
    A denial or repudiation in an express warranty that places specific limitation in the warranty.
  6. Implied warranty of merchantabilty
    The law's assumption that goods sold by a merchant/seller are fit to be sold and are adequate for the ordinary purposes for which such goods are sold.
  7. Merchant
    An individual who deals in goods of the kind being sold in the ordinary course of business, or who presents himself or herself as having the skills or knowledge relating to the goods.
  8. Implied warranty of fitness for a particular purpose
    The law's assumption that goods are fit for their intended use.
  9. Magnuson-Moss Warranty Act
    A federal statute that addresses many different kinds of abuses to consumers relating to warranties.
  10. Interstate commerce
    Trade between two or more states.
  11. Full warranty
    The promise that a defective product will be repaired without charge and within a reasonable time after a complaint has been made.
  12. Limited Warranty
    A written warranty that does not meet the minimum requirements of a full warranty.
  13. Lemon laws
    Statutes that provide remedies to consumers for products such as automobiles that repeatedly fail to meet certain standards of quality and performance.