ECONOMICS
CONSUMERS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Implied warranty
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Verbal warranty
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Limited warranty
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None of the above
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Detailed explanation-1: -Implied warranty = Unwritten guarantee that a product is of sufficient quality to fulfill the purpose for which it was designed.
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: -Implied warranties are unspoken, unwritten promises, created by state law, that go from you, as a seller or merchant, to your customers. Implied warranties are based upon the common law principle of “fair value for money spent, ” There are two types of implied warranties that occur in consumer product transactions.
Detailed explanation-4: -An implied warranty is a guarantee that is not written down or explicitly spoken. Article 2 of the Uniform Commercial Code ("UCC") governs the sale of goods. An implied warranty is automatically presumed regarding the sale of goods or real property, which prevents a risk from transferring to the buyer.