CHAPTER 24

CHAPTER 24 - CHAPTER SUMMARY WARRANTIES Types of Warranties...

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CHAPTER SUMMARY WARRANTIES Types of Warranties Definition of Warranty an obligation of the seller to the buyer concerning title, quality, characteristics, or condition of goods Warranty of Title the obligation of a seller to convey the right to ownership without any lien (in a lease the warranty protects the lessee’s right to possess and use the goods) Express Warranty an affirmation of fact or promise about the goods or a description, including a sample, of the goods that becomes part of the basis of the bargain Implied Warranty a contractual obligation, arising out of certain circumstances of the sale, imposed by operation of law and not found in the language of the sales contract Merchantability warranty by a merchant seller that the goods are reasonably fit for the ordinary purpose for which they are manufactured or sold, pass without objection in the trade under the contract description, and are of fair, average quality Fitness for Particular Purpose warranty by any seller that goods are reasonably fit for a particular purpose if, at the time of contracting, the seller had reason to know Mann CH 24- 1
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the buyer’s particular purpose and that the buyer was relying on the seller’s skill and judgment to furnish suitable goods Obstacles to Warranty Actions Disclaimers of Warranties negations of warranties Express Warranty not usually possible to disclaim Warranty of Title may be excluded or modified by specific language or by certain circumstances, including
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This note was uploaded on 10/14/2010 for the course BUS 5503 taught by Professor Sorrell during the Fall '10 term at Troy.

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CHAPTER 24 - CHAPTER SUMMARY WARRANTIES Types of Warranties...

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