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Unit 3 Vocab - Cons.
| Term | Definition |
|---|---|
| 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
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