BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Warranty fraud occurs when an individual or organization exploits warranty policies for their own benefit. This form of fraud can be complex and occur in any company that offers warranties for its products.

Detailed explanation-2: -In its simplest form, a “warranty” is merely another form of “contract” which binds a party to perform in a specified way, either in terms of providing a product that accomplishes a specified task or in delivering a service that provides certain minimal benefits.

Detailed explanation-3: -(3) A warranty is a stipulation collateral to the main purpose of the contract, the breach of which gives rise to a claim for damages but not to a right to reject the goods and treat the contract as repudiated.

Detailed explanation-4: -Promises of fact made during the bargaining process are express warranties. A contract cannot include both an implied warranty and an express warranty. A merchant cannot disclaim an implied warranty of merchantability. An express warranty can be limited.