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Business Law 230
Chapter 21 - Sales and Lease Warranties
16
Business
Undergraduate 2
06/06/2012

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Term
Warranty
Definition
A seller's or lessor's express of implied assurance to the buyer ot lessee that the goods sold ot leased meet certian quiality standards
Term
Express Warranty
Definition
A warranty that is created when a seeler or lessor makes an affirmation that the goods he or she is selling or leasing meet certian standards of quality, description, perfomance, or condition
Term
Statement of opinion
Definition
A commendation of goods, made by a seller or lessor, that does not creat an axpress warranty. Also known as puffing
Term
Compensatory damages
Definition
Damages that are generally equal to the difference between value of the goods as warranted and the actual value of the goods accepted at the time and place of the acceptance
Term
Implied warranty of Merchantability 
Definition
Unless propery disclosed, a warranty that is impled of sold or leased goods  are fit for the ordanary purpose for which they are sold as well as other assurances
Term
Implied warranty of fitness for human consumption
Definition
A warranty that applies to food or drink consumed on or off the premisses of the resturant, gorecery stores, fast-food outlest and vending machines. 
Term
Foreign Substance Test
Definition
A test to determine merchanability based on foreign objects found in food
Term
Consumer expectation test
Definition
a test to determin merchantability based on what the average consumer would expect to find in food products
Term
Implied Warranty of Fitness for Particular Purpose
Definition
A warranty that arrises where a seller/lessor warrants that the goods will meet their expressed needs
Term
Warranty disclaimer
Definition
A statement that negates express and implied warranties
Term
Consipcuos
Definition
A reqirement that warranty discalimers be noticable to the reasonable person
Term
Magnuson-Moss Warranty Act
Definition
A federal stature that regulates written warranties on consumer products 
Term

Warranty of Good Title

 

Definition
A warranty in which the seller warrants that they have valid title to the goods being sold, and that the transfer of title is rightful 
Term
Warranty of No Security Interest 
Definition
A warranty in which sellers of goods warrant that the goods they sell are delivered free from any 3rd party security interst lines or encumbranaces that are unknown to the buyer
Term
Warranty Against Infringements 
Definition
An automatic warranty of a seller/lessor who is a merchant who regularu deals with goods of the kind sold/leasted which warrants that the goods are delivered free of any 3rd party patent, trademark or copyright
Term
Warranty against Interferance
Definition
A warranty in which the lessor warrants that no person holds a claim or an interst in the goods that arose from an act or omission of the lessor that will interfeer with the lessee's enjoyment of their less hold interst. Also known as the warranty of quiet posession
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