True or False? The warranty of merchantability applies to nonmerchants as well as merchants.
True or False? The word "guaranteed" on a product means it has adequate protection.
True or False? When stolen goods are sold to an innocent purchaser the true owner is entitled to return of the goods.
True or False? A warranty exists only between people who are in privity of contract.
True or False? Sellers are never allowed to exclude warranties.
True or False? A limited warranty gives limited information.
The term "lifetime guarantee" may mean guarantee for the lifetime of either the product or the owner.
True or False? To succeed in a claim for breach of warranty, the buyer must notify the seller of the defect within a resaonable time after it is discovered.
True or False? Express warranties are often found in sales brochures, circulars, and advertisements.
True or False? When a seller states an opion about a product, a warranty is created.
the guarantee that the sellers product is not defective and is suitable for its intended use.
Magnuson-Moss warranty act
the law requiring that written express warranties on products costing more than $10 meet certain requirements.
goods must be fit for ordinary purposes under the implied warranty of
a warranty that promises to fix or replace a defective product free of charge for a certain time period.
federal trade commission
the federal agency that ensures fair economic practice among businesses
a guarantee of quality imposed by law and not in writing
warranty of title
a guarantee that goods are free of financial obligation is called a _______.
a warranty that provides restricted protection is called a _________.
an exclusion to the implied warranty must be written and _________.
an oral statement of fact or promise constitutes an ________.
any description of the goods that is part of the transaction creats a ___________ warranty.
Another name for warranty is __________.
Implied warranties may not be ___________ if a seller makes a written express warranty to a consumer.
If a breach of warranty occurs and the seller does not correct the situation, the buyer may bring a claim for _______.
Any written warranty on a consumer product costing more than _____ must be labeled either full or limited.
When a product carries a _________ warranty read the warranty carefully to determine what the warranty provides.
The one who makes the guarantee is called the ________.
An express warranty is created bya promise or a statement of catc, a description, or the use of a ______________.
warranty of title
The ___________ guarantees that the transfer fo goods being sold is rightful.
The word ________ must be mentioned in any exclusion of that warranty.