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BUS 121 UA 3-1

BUS 121 UA 3-1 - UA 3 1 Objective 1 List 3 types of implied...

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UA 3 – 1 Objective: 1. List 3 types of implied warranties and explain what is meant by “implied by law.” a. Implied warranty of merchantability; implied warranty of fitness for a particular purpose; implied warranty of title. b. Implied by law means that even though the warranty is not in writing and is not part of the sales contract, certain warranties become part of the sale even though the seller may not have intended to create them. 2. When does strict liability apply to product use? a. When a buyer is injured by a defective product. 3. What is the purpose of a disclaimer? a. To exclude certain express & implied warranties. 4. How do truth in lending laws protect debtors? a. Truth in Lending Act governs the availability of credit, credit information credit practices, unfair credit practices, the collection process, and remedies for debtors 5. What is required to be shown to a debtor in a credit contract?
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