Consumer Protection
This term refers to a supplier's promise to stand behind their product in the event of damage or defect.
What is a Warranty?
Sally’s vacuum stopped working, but since it was covered for 120 days in the owner's manual, it falls under this specific category.
What is a Written Warranty?
When a property owner dies, their property is transferred to a beneficiary through this legal document.
What is a Will?
In a standard shipping contract, this acronym stands for "Freight-on-board".
What is FOB?
This strategy involves a company making its product stand out from competitors to win over customers like Jerry, who insisted on a BMW.
What is Product Differentiation?
This common warranty exclusion applies when a manufacturer refuses to pay for repairs because a local technician, rather than an authorized one,worked on the item
What is Installation & Maintenance
This is the impartial public officer required by many states to witness the transfer of real estate.
What is a Notary?
Generally, as long as there is no breach of contract, a seller bears the risk of loss during this timeframe.
What is while the item is in their possession?
This process-engineering strategy involves scrapping an entire production process and starting from scratch with a new approach.
What is Business Process Reengineering?
If you buy a used refrigerator from a thrift store "as-is," these types of warranties generally cannot be enforced.
What are Implied Warranties?
If Sarah wants to give Taylor her share of a land plot with no exchange of money, she is performing this type of transfer.
What is a Transfer of property as a gift?
Because the contract stated Saul would personally deliver a table, he bears the risk of loss when his son crashes the truck and damages it.
Who is Saul?
This piece of legislation protects individuals from being denied credit based on factors like disability.
What is the Consumer Credit Protection Act?
Even if a manual warns you about an exposed wire, a wire that shocks a user is considered this type of defect.
What is a Manufacturing Defect?
Ben ruined his headphones by dropping them in water; the manufacturer denied the claim because accidental damage is considered this under a warranty.
What is an Exclusion?
This is the specific type of warranty created when a sales associate makes a verbal promise that a product will be covered.
What is an Oral Warranty?