Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key


Play button


Play button




Click to flip

14 Cards in this Set

  • Front
  • Back
an encumbrance on a property to satisfy a debt or protect a claim for payment of a debt
express warranty
a seller's or lessor's oral or written promise or affirmation of fact, ancillary to an underlying sales or lease agreement, as to the quality, description, or performance of the goods being sold or leased
implied warranty
a warranty that arises by law because of the circumstances of a sale, rather than by the seller's express promise
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. The warranty automatically arises in every sale or lease of goods made by a merchant who deals in goods of the kind sold or leased
implied warranty of fitness for a particular purpose
a warranty that goods sold or leased are fit for a particular purpose. The warranty arises when any seller or lessor knows the particular purpose for which a buyer or lessee will use the goods and knows that the buyer or lessee is relying on the skill and judgment of the seller or lessor to select suitable goods
product liability
the legal liability of manufacturers, sellers, and lessors of goods to consumers, users, and bystanders for injuries or damages that are caused by the goods
unreasonably dangerous product
in product liability, a product that is defective to the point of threatening a consumer's health and safety. A product will be considered unreasonably dangerous if it is dangerous beyond the expectation of the ordinary consumer or if a less dangerous alternative was economically feasible for the manufacturer, but the manufacturer failed to produce it
statute of repose
basically, a statute of limitations that is not dependent on the happening of a cause of action. Statutes of repose generally begin to run at an earlier date and run for a longer period of time than statutes of limitations
deceptive advertising
advertising that misleads consumers, either by unjustified claims concerning a product's performance or by the omission of a material fact concerning the product's composition or performance
bait-and-switch advertising
advertising a product at a very attractive price (the "bait") and then, once the consumer is in the store, saying that the advertised product is either not available or is of poor quality; the customer is then urged to purchase ("switched" to) a more expensive item
cease-and-desist order
an administrative or judicial order prohibiting a person or business firm from conducting activities that an agency or court has deemed illegal
new advertising that is undertaken pursuant to a Federal Trade Commission order for the purpose of correcting earlier false claims that were made about a product
regulation z
a set of rules promulgated by the Federal Reserve Board of Governors to implement the provisions of the Truth-in-Lending Act
"cooling-off" laws
laws that allow buyers a period of time, such as three days, in which to cancel door-to-door sales contracts