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11 Cards in this Set
- Front
- Back
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A warranty that goods being sold or leased are reasonably fit for the ordinary purpose for which they are sold or leased, are properly packaged and labeled, and are of fair 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.
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implied warranty of merchantability
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A warranty that the law derives by implication or inference from the nature of the transaction or the relative situation or circumstances of the parties.
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implied warranty
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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.
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implied warranty of fitness for a particular purpose
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T/F? In sales law, a warranty is an assurance or guarantee by the seller about the quality and features of the goods being sold.
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TRUE
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What is the seller's assurance that the buyer has good and valid title to the goods being sold, which arises automatically in most sales contracts?
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WARRANTY OF TITLE
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What are the three types of title warranties contained under the UCC?
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1) GOOD TITLE 2) NO LIENS 3) NO INFRINGEMENT
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A sellor's/lessor's oral or written promise, ancillary to an underlying sales or lease agreement as to the quality, performance, or description of the goods being sold/leased.
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EXPRESS WARRANTY
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A warranty that the law derives by implication or inference from the nature of the transaction or the relative situation or circumstances of the parties.
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IMPLIED WARRANTY
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T/F? The serving of food or drink is treated as the sale of goods subject to the implied warranty of merchantability?
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TRUE
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The federal law that is designed to prevent deception in warranties is known as the....
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MAGNUSON-MOSS ACT
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What are the rules of interpretation of inconsistent warranties?
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a) Express warranties displace inconsistent implied warranties, except implied warranties of fitness for a particular purpose b) Samples take precedence over inconsistent general descriptions c) Exact or technical specifications displace inconsistent samples or general descriptions
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