BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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warranty
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guarantee
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implied warranty
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warranty of merchantability
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Detailed explanation-1: -There are two types of warranty; express warranties and implied warranties, including merchantable warranties and warranties of fitness.
Detailed explanation-2: -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-3: -An express warranty is a statement or binding document provided by the seller relating to the goods or services, which statement is part of the basis of the bargain. This means that the buyer has purchased the goods or services on the reasonable assumption that they were as stated by the seller.
Detailed explanation-4: -An express warranty is an agreement by a seller to repair or replace a faulty product within a specified time period after purchase. more.