Chapter 7 vocab
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14 terms
Terms | Definitions |
|---|---|
 Uniform Commercial Code | is a collection of laws that governs various types of business transactions. |
| Firm Offer | is a merchant's written promise to hold an offer open for the sale or lease of goods. |
| Title | The right of ownership to goods. |
| Bill of Sale | is formal evidence of ownership. |
| Insurable Interest | is a legal interest in the protection of property from injury, loss, or destruction. |
| Voidable Title | Means title that may be voided (cancelled) if the injured party chooses to do so. |
| Risk of Loss | is the responibility for loss or damage goods. |
| Warranty | is a guarantee, usually by a seller to a buyer, that a product will preform as promised. |
| Express Warranty | is an oral or a written statement, promise, or other representation about the quality of a product |
| Full Warranty | is an assurance that a defective product will be repaired or replaced without charge within a reasonable time |
| Limited Warranty | is any written warranty that does not meet the requirements of a full warranty |
| Implied Warranty | is a guarantee of quality imposed by law |
| Warranty of Merchantability | is an implied warranty that goods are fit for the ordinary purpose for which the goods are sold |
| Warranty of Fitness for a Particular Purpose | is an implied warranty that goods will fit for a specific purpose. |
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