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Chapter 24 - Outline

Chapter 24 - Outline - Law for Accountants I(GenBus 304 Dr...

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Law for Accountants I (GenBus 304) Dr. Decateur Reed CHAPTER 24: Products Liability: Warranties I. Warranty. A. Defined: Seller’s promise that the goods conform to certain qualities, characteristics, or conditions. (nothing more than just a promise) B. Is optional. C. Prima facie case: Buyer must prove 1. The warranty existence (in writing) 2. There is bridge of that promise 3. Causation 4. They gave notice to the seller that they get the goods. 5. Damage was incurred (3 types of damage: personal injury damage, property damage, and economic damage) D. Types: 1. Warranty of Title: a. Good title and rightful transfer. (owner and buyer) b. No lien or security interest. (against the title) 2. Express Warranty: a. An express promise as to quality, description, condition, performability, or safety. b. The promise must be part of the basis of the bargain. c. Creation: 1) Affirmation of fact by seller 2) Promise. 3) Description of item. 4) Sample or model.
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