Chapter 24 Warranties
Magnum Moss Warranty Act
1. Disclose all essential terms and condition in a single document. 2. Stated in simple
an express warranty
is a statement that is written, oral, or by demonstration about the quality or performance of goods offered at time of sale. Seller's statement does create a warranty.
Warranty of title
seller's promise that he/she owns item being sold. Ex: -buying a car, can't warranty stolen items
An implied warranty
an unwritten promise created by law, that a product will do what is supposed to do
warranty of merchantability
an unwritten promise the item sold is of at least average quantity.Ex: - radio must play. Saw- must cut
limited warranty
anything less than a full warranty
Puffing
exaggerated statement or advertising about desirability or reliability of a product. Seller's statement does not create a warranty.
breach
failing to cover a warranty
warranty
is a promise or guarantee made by a seller about the quality or performance of goods for sale
Full warranty:
1. a defective product will be fixed or replaced at no cost. 2. consumer will not have to do anything unreasonable (paying for shipping etc) 3. if product cannot be fixed consumer will get a refund or replacement 4. it applies to anyone who owns the product during the warranty period
4. compare warranties when shopping 5. consider duration and what's covered 6. check state's warranty laws
Purpose of warranty? (last 3)
true
The disclaimer must be written and placed where consumer can see it.
limited warranty
Usually just covers parts not labor
Disclaimer
an attempt to limit the seller's responsibilities should the product become defective. Ex: as is , with all faults (floor model)
Warranty of fitness for a particular purpose
consumer tells the seller before buying the item what the specific purpose is for. Ex: -waterproof watch
Strict liability
legal responsibility for damage or injury even if you are not negligent. This is the basis for recovering damages from a manufacturer for a defective product
limited warranty
paying for shipping
1. gives the consumer important rights 2. to be aware of the warranty at time of purchase 3. not all warranties are the same
what is the purpose of a warranty? (first 3)
consider how long the warranty last, what part are covered, and what you get under the warranty
when evaluating a warranty you should: