chap 21 Flashcards
What is an express warranty?
A warranty that is created when a seller or lessor makes an affirmation that the goods he or she is selling or leasing meet certain standards of quality, description, performance, or condition.
What is a warranty?
A seller’s or lessor’s express or implied assurance to a buyer or lessee that the goods sold or leased meet certain quality standards.
What is a statement of opinion? (puffing)
A commendation of goods, made by a seller or lessor, that does not create an express warranty.
What are compensatory damages?
Damages that are generally equal to the difference between the value of the goods as warranted and the actual value of the goods accepted at the time and place of acceptance.
What are implied warranty of merchantability?
Unless properly disclosed, a warranty that is implied that sold or leased goods are fit for the ordinary purpose for which they are sold or leased, as well as other assurances.
What are implied warranty of fitness for human consumption?
A warranty that applies to food or drink consumed on or off the premises of restaurants , grocery stores, fast-food outlets, and vending machines.
What are foreign substance test?
A test to determine merchantability based on foreign objects found in food.
What is the consumer expectation test?
A test to determine merchantability based on what the average consumer would expect to find in food products.
What are implied warranty of fitness for a particular purpose?
A warranty that arises where a seller or lessor warrants that the goods will meet the buyer’s or lessee’s expressed needs.
What is a warranty disclaimer?
A statement that negates express and implied warranties.
What is conspicuous?
A requirement that warranty disclaimers be noticeable to a reasonable person.
What is Magnuson-Moss Warranty Act?
A federal statute that regulates written warranties on consumer products.
What is a warranty of good title?
A WARRANTY IN WHICH THE SELLER WARRANTS THAT HE OR SHE HAS VALID TITLE TO THE GOODS HE OR SHE IS SELLING AND HTAT THE TRANSFER OF TITLE IS RIGHTFUL/
What are the warranty of no security interests?
A warranty in which sellers of goods warrant that the goods they sell are delivered free from any third party security interests, liens, or encumbrances that are unknown to the buyer.
What are warranty against infringements?
An automatic warranty provided by a seller or lessor who is a merchant who regularly deals in goods of the kind sold or leased which warrants that the goods are delivered free of any third-party patent, trademark, or copyright claim.
