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BL 15-2 Vocabulary

Business Law

QuestionAnswer
What is exaggerated sales talk? Puffing
What is an unstated warranty that is imposed on ALL sellers. ALl sellers must provide theses warranties. Implied
What is a seller's statement about a product's quality called? Warranty
What is a notice of exclusion. Ex: "sold as is" Disclaimer
What is the unathorized used of a product? Ex: using someone else's patent, copyright, or trademark Infringement
What is a claim of a third party against property called? Ex: a lien of a house Encumbrance
What kind of warranty includes explicit assurance of quality or promise of performance BY THE SELLER Express
In what kind of warranty does the seller recommend a product to the buyer for a specific purpose. Fitness
What kind of warranty requires that goods be fit for ordinary purposes for which such goods are used. Merchantability
What is the tort that could be the basis for a product liability suit? Negligence
One type of liability Strict
What is the relationship between contracting parties called? Privity
If this person alters a product, no liability exist. User
Created by: deshanelson