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B Law Unit 3 Ch 17

TermDefinition
lien An encumbrance on a property to satisfy a debt or protect a claim for payment of a debt.
express warranty A promise that is included in a contract concerning the quality, condition, description, or performance of the goods being sold or leased.
implied warranty A warranty that arises by law because of the circumstances of a sale rather than by the seller’s express promise.
implied warranty of merchantability A warranty that goods being sold or leased are reasonably fit for the general purpose for which they are sold or leased, are properly packaged and labeled, and are of proper quality.
implied warranty of fitness for a particular purpose A warranty that goods sold or leased are fit for the particular purpose for which the buyer or lessee will use the goods.
product liability The legal liability of manufacturers, sellers, and lessors of goods for injuries or damage caused by the goods to consumers, users, or bystanders.
unreasonably dangerous product A product that is so defective that it is dangerous beyond the expectation of an ordinary consumer or a product for which a less dangerous alternative was feasible but the manufacturer failed to produce it.
market-share liability A theory under which liability is shared among all firms that manufactured and distributed a particular product during a certain period of time. Used only when the true source of the harmful product is unidentifiable.
Created by: leighg2011