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Definition
| the right of ownership with respect to property, real or personal |
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| the financial responsibility for goods that are damaged, lost or destroyed. |
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| return of ownership to a prior owner; 25-2-401(4) |
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| title without legal effect; no title at all |
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Term
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| ownership arising out of a contract that can be canceled by one party; examples- minors can repudiate/disaffirm a K; undue influence, duress, misrepresentation |
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Term
Good Faith Purchaser for Value
(Bona fide purchaser) |
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Definition
| one who buys and pays for property for value, unaware of any issues related to the title; also known as a bona fide purchaser. |
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| a promise made by the seller with respect to the quality or condition of goods sold (not written or discussed). |
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a promise made by the seller either orally or in writing regarding the quality or condition of the goods sold. This is a warranty that is discussed.
Ex. Car company, phone co., tv, labels on box.
Express means "something we have taked about. |
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Term
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| sales exaggeration (great car, lovely home); puffing is not an express warranty and is legal. |
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Term
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| promise of the seller inferred by law, as to the quality and condition of the goods sold. You have not talked about warranties, but you must give them by law. |
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Term
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| Unless the implied warranty of title specifically excluded a sale of goods it comes with a warranty that the title is good and free of any ownership claim by a third party ("lien"). NCGS 25-2-312 |
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Term
| Warranty Against Infringement |
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Definition
| a promise of a merchant seller that no third person has a claim that the IDEA behind the goods is his. NCGS 25-2-312(3). |
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Term
| Warranty of Merchantability |
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Definition
| a promise of the seller inferred by law, that the goods are free from defect and fit for the purposes that such a thing is ordinarily used. |
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Definition
| exchangeable when you buy an item; like a grouping such as grade A eggs or gold. |
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| employer held responsible for products produced; cause of action for personal liability or property damage due to defects in goods sold. |
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| Warranty of fitness for a particular purpose |
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Definition
the promise of the seller that goods are usable for the purpose which he knows the buyer intends to use them. NCGS 25-2-315
a. seller has to know what the buyer is using the item for
b. seller has to know that the buyer is relying on his expertise to use it for that purpose |
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Term
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Definition
federal preemption Act (15 USC 45 et. Seq)to prevent manufacturers from hiding their warranties. Act related to written warranties:
a. covers goods higher that $10
B. warranty language must be available before the purchase.
c. warranty must be in plain English.
d. warranty must state FULL or LIMITED. |
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