Vocabulary Section 1
True or False- A Firm Offer is
A merchant’s written promise to hold an offer open for the sale or lease of goods.
True
What is a Warranty?
A written guarantee, issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary within a specified period of time.
True or false
The standard time limit for a listing agreement is 90 days
False
True or False: Do both the Federal and State government laws have to protect the well-being of consumers in the market place
True
What is an Uniform?
The distinctive clothing worn by members of the same organization.
What is a Limited Warranty?
It is a specific part, and certain types of defects, or other conditions.
What special set of rules does a sales contract follow?
Uniform Commercial Code (UCC)
Fill in the Blank:
To exclude the warranty of merchantability, the word ____________ must be mentioned
Merchantability
Match the definition to Insurable Interest.
A.)The responsibility for loss or damage to goods.
B.) An interest given by your job.
C.) A legal interest in the protection of property from injury, loss, or destruction.
D.) None of the Above
C.) A legal interest in the protection of property from injury, loss, or destruction.
How many different types of warranties are there?
6
Name one type of a buyer's remedy
Cancel a contract
Bring a claim
Refuse to accept
Buy similar goods
Revoke the acceptance
What does the warranty cover for the first year?
A. Parts Only
B. Labor Only
C. Labor and All Parts
D. Labor and Certain Parts
C. Labor and All Parts
True or False?
A "Voidable Title" is the responsibility for loss or damage to goods.
False- Title that may be voided if the injured party chooses to do so.
What is an implied warranty?
It is a contract law term for certain insurances there are presumed to be made in the sale of the products or real property due to certain circumstances of the sale.
Fill in the Blank: The right of an ownership to goods is known as the__________.
A. Title
B. Bill of Sale
C. Insurable Interest
D. Voidable Title
Title
The right of ownership to goods is also known as _________
Title
What is an Uniform Commercial Code?
A.) A collection of laws that governs various types of business transactions.
B.) The distinctive clothing worn by members of the same organization.
A.) A collection of laws that governs various types of business transactions.
Name 3 Different Types of Warranties
Express Warranty
Full Warranty
Implied Warranty
Warranty of Merchantability
Warranty of Fitness for a Particular Purpose
Limited Warranty
A written extension agreement between buyer and seller serves to
A. Terminate the existing purchase agreement
B. Defer the closing date
C. Invalidate the listing agreement
D. Increase the sales price
B. Defer the closing date
What are the 2 different types of remedies?
Buyers and Sellers