Explain the different types of warranty disclaimers
What will be an ideal response?
The first type is the "as is" disclaimer. Expressions such as "as is," "with all faults," or other language that makes it clear to the buyer that there are no implied warranties disclaims all implied warranties. An "as is" disclaimer is often included in sales contracts for used products.
The second is the disclaimer of the implied warranty of merchantability. If the "as is" type of disclaimer is not used, a disclaimer of the implied warranty of merchantability must specifically mention the term merchantability for the implied warranty of merchantability to be disclaimed. These disclaimers may be oral or written. The third is the disclaimer of the implied warranty of fitness for a particular purpose. If the "as is" type of disclaimer is not used, a disclaimer of the implied warranty of fitness for a particular purpose may contain general language, without specific use of the term fitness. The disclaimer has to be in writing.
You might also like to view...
Compared to a publicly traded firm, a comparable private firm is thought to be:
A) 20% to 30% less valuable. B) less liquid for the owners. C) more difficult to accurately value. D) all of the above.
Internships can be useful in helping people to get hired in their chosen field. What is a disadvantage of many internships?
A) Hiring managers don't place a high value on them. B) Technical training programs are often more beneficial. C) They generally lead to contingent positions only. D) It is difficult to find a willing apprentice to work with. E) They offer little or no pay for the work performed.