FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 21: Warranties

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 41

Multiple Choice

Review LaterAdd Note

Review Later

A ________ is a warranty in which the lessor warrants that no person holds a claim or an interest in the goods that arose from an act or omission of the lessor that will interfere with the lessee's enjoyment of his or her leasehold interest.

A) warranty against infringements
B) warranty of good title
C) warranty of quiet possession
D) warranty of no security interests

Correct Answer

verified

Show Answer

Question 42

True/False

Review LaterAdd Note

Review Later

A person selling stolen property would be breaching the warranty of good title.

Correct Answer

verified

Show Answer

Question 43

Essay

Review LaterAdd Note

What damages are recoverable for a breach of warranty?

Sam expressed an interest in buying a painting from Jasper,who claimed that the painting was a family heirloom.Jasper's asking price was $15,000,but Sam was only willing to offer $13,000.Jasper told him that it was a very old painting worth a fortune and that others would gladly pay $20,000 for it.He also told him that he was only selling it under its market value because he needed the money immediately.He then implied that Sam could sell it for a higher rate if he wanted.In legal terms,Jasper's words to Sam would be considered as ________.

A manufacturer is liable for express warranties made by wholesalers and retailers.

A disclaimer of the implied warranty of fitness for a particular purpose may be oral.

An express warranty can only be limited if the warranty disclaimer and the warranty can be reasonably construed with each other.

The ________ is used to determine merchantability of food products based on what the average buyer is supposed to find in particular food products.

Under the Magnuson-Moss Warranty Act,aggrieved consumers must assert their warranty breach claims through the informal dispute-resolution procedure before taking legal action.

Unless properly disclaimed,a warranty is implied that sold or leased goods are fit for the ordinary purpose for which they are sold or leased,as well as other assurances,known as the implied warranty of ________.

A seller's or lessor's statement of opinion of the goods does not create an express warranty.

Kirsten just bought a car that had a one-year warranty stating that it covered the cost of parts,but not labor.It also stated that the warranty only covered the powertrain,and no other part.What kind of warranty did Kirsten's car have?

Warranties are the buyer's or lessee's assurance that the goods meet certain standards.

A disclaimer of the implied warranty of merchantability must be in writing to be valid.

Which of the following is true of how an implied warranty of merchantability is created?

Where there has been a breach of warranty,the buyer or lessee may sue the seller or lessor to recover ________ damages.

Monty,a career criminal,steals a diamond from Prime Cut Jewelers.He then sells it to Adamas Jewelers,who is unaware of the stolen nature of the diamond.If Prime Cut discovers that the diamond is with Adamas,and reclaims the diamond,what warranty breach can Adamas declare to recover the cost from Monty?

An automatic warranty provided by a seller or lessor who is a merchant that regularly deals in goods of the kind sold or leased which warrants that the goods are delivered free of any third-party patent,trademark,or copyright claim is known as ________.

An express warranty is created upon description of the goods.

Sam expressed an interest in buying a painting from Jasper,who claimed that the painting was a family heirloom.Jasper's asking price was $15,000,but Sam was only willing to offer $13,000.Jasper told him that it was a very old painting worth a fortune and that others would gladly pay $20,000 for it.He also told him that he was only selling it under its market value because he needed the money immediately.He then implied that Sam could sell it for a higher rate if he wanted.Sam decided to buy the painting for $15,000 on the condition that if he found that the painting was worth less than $15,000,Jasper would have to take the painting back and refund Sam. Which of the following warranties did this sales contract have?