Chapter 14-2

Question 0

Warranty

Answer 0

An assurance that the seller makes about the products qualities or performance

Question 1

Product liability

Answer 1

Means affixing of responsibility to compensate buyers, users, and even those standing nearby for injuries caused by a defensive products

Question 2

Privity of contract

Answer 2

Relationship that exists between or among the contracting parties as a result of their legally binding agreement

Question 3

Express warranty

Answer 3

Assurance of quality or promise or performance explicitly made by seller

Question 4

Magnuson-moss act

Answer 4

Standards that must be met by sellers who give written warranties on consumer products more then $15

Question 5

Full waranty

Answer 5

Express warranty that obligates seller to repair or to replace a defective product without cost to the buyer and within a reasonable time

Question 6

Limited warranty

Answer 6

Any warranty that provides less protection than a full warranty

Question 7

Puffing

Answer 7

Making exaggerated statement of quality

Question 8

Implied warranty

Answer 8

Implicit warranty obligation imposed by law on all sellers

Question 9

Warranty of title

Answer 9

Seller warrants that s/he has title to goods and right to transfer them

Question 10

Encumbrances

Answer 10

Claims by third party

Question 11

Warranty of Merchantability

Answer 11

Requires that the goods be fit for ordinary purposes for which goods are used

Question 12

Disclaimer

Answer 12

A notice of exclusion

Question 13

Lemon laws

Answer 13

Protect consumers of vehicles but they may extend to other consumer products in certain jurisdiction