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Business Law w/UCC Applications

Consequential damages

Losses that do not flow directly and immediately from an act but only from some of the consequences or results of the act. (p. 381)

Consumer products

Tangible personal property normally used for personal, family, or household purposes. (p. 375)

Express warranty

An oral or written statement, promise, or other representation about the quality of a product. (p. 373)

Full warranty

A warranty under which a defective product will be repaired or replaced without charge within a reasonable time after a complaint has been made about it. (p. 375)

Implied warranty

A warranty that is imposed by law rather than by statements, descriptions, or samples given by the seller. (p. 376)

Limited warranty

A warranty that does not meet all of the requirements of a full warranty. (p. 376)

Product liability

A law that imposes liability on the manufacturer and the seller of a product produced and sold in a defective condition. (p. 383)

Strict liability

The doctrine under which people may be liable for injuries to others whether or not they have been negligent or committed an international tort. Also called absolute liability. (p. 385)

Warranty of fitness for a particular purpose

An implied warranty that goods will be fit for a particular purpose. This warranty is given by the seller to the buyer of goods whenever the seller has reason to know of any particular purpose for which the goods are needed and the buyer relies on the seller's skill and judgment to select the goods.(p. 377)

Warranty of merchantability

An implied warranty that goods are fit for the ordinary purpose for which such goods are used. Unless excluded, this warranty is always given by a merchant who sells goods in the ordinary course of business.(p. 376)

Warranty of title

A warranty given by a seller to a buyer of goods that states that the title being conveyed is good and that the transfer is rightful. (p. 378)

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