BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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guarranteed goods
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warrantied goods
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merchantable goods
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identified goods
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Detailed explanation-1: -A warranty of merchantability is a type of warranty that asserts that the goods are reasonably fit for its ordinary and intended purpose for which they are sold.
Detailed explanation-2: -There are two types of warranty; express warranties and implied warranties, including merchantable warranties and warranties of fitness.
Detailed explanation-3: -An implied warranty is an assurance that a product is fit for its intended purpose and meets the buyer’s expectations. These implied warranties can be written or oral. Implied warranties are governed by state laws, not federal laws. The two key types of implied warranties are merchantability and fitness.
Detailed explanation-4: -There are many types of implied warranties including an implied warranty of merchantability, an implied warranty of fitness, an implied warranty of habitability (for a lease), and an implied warranty of marketability (for the sale of real property, also known as a marketable title).