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Unit 3 Vocab - Cons.

Warranty another name for a guarantee
Express Warranty an oral or written statement, promise, or other representation about the quality, ability, or performance of a product
UCC Uniform Commercial Code- a collection of laws that governs various types of business transactions
Full Warranty promises to fix or replace a defective product at no charge to the consumer
Limited Warranty any writer warranty that does not meet the requirements for a full warranty
Implied Warranty a guarantee of quality imposed by law
Warranty of Merchantibility the merchant warrants that the goods being sold are merchantable
Usage of Trade another implied warranty arises from the customary ways in which the parties have dealt in the past
Warranty of Title when a merchant or private party sells goods, the seller warrants that the title being conveyed is good and that the transfer is lawful
Consequential Damages are losses that do not flow directly from an act but only from some of the consequences or results of the act
Privity of Contract people who contract directly with each other are said to be in this
Duty to Notify to succeed in a claim for breach of warranty, the buyer must satisfy his or her…
Unfair and Deceptive Practice an act that misleads consumers
Fradulaunt Misrepresentation any statement that deceives the buyer
Cease and Desist Orders legally binding orders to stop a practice that would mislead the public
Bait and Switch the advertiser is trying to sell a different product than the one advertised
Cooling-Off Rule - you have three business days to cancel contracts for most purchases made away from the seller’s regular place of business
Telemarketers the people who try to sell you products by telephone
Product Liability someone who is injured from a product’s unsafe or defective condition may recover damages
Strict Liability makes manufacturers or suppliers responsible for selling goods that are unreasonably dangerous
Adulterated when a food or drug is one that contains any substance that will reduce its quality or strength below minimum standards
Intrastate Sales sales within a state
Created by: everettc1