Business Law 1 Final Exam 2024 Questions And Answers 100% Correct!

Business Law 1 Final Exam 2024 Questions And Answers 100% Correct!
Warranty - ANSWERSan assurance by one party of the existence of a fact upon which the other party can rely
3 Items of "Implied Warranty of Title" - ANSWERS1.Good Title
2. No Liens (No Loan)
3. No infringement on intellectual property rights
Holder - ANSWERSanyone who has received an instrument of through negotiation
indorsement - ANSWERSwriting on the back
Holder in Due Course - ANSWERShas completed 3 elements of 3-302 1. For value
2. In good faith
3. Without value of defects
Stale Check - ANSWERSa check more than 6 months old
Puffery - ANSWERSan exaggeration of of an objects performance
Implied Warranty of Merchantability - ANSWERS1. Fair, average quality
2. Fits ordinary purpose
3. Runs
4. Adequately packaged
5. Conform to promises
Implied Warranty of Fitness for a Particular Purpose - ANSWERS1. Seller has reason to
know buyer's purpose
2. Seller is ware the buyer is picking out things
Disclaim of Warranty - ANSWERSlimitations of remedy
Full Warranty - ANSWERSrepair, replace or refund
Limited Warranty - ANSWERSLimits one or more of a full warranty
Limited Full Warranty - ANSWERSif your only limitation is time
Lemon Law - ANSWERSspecifies warranty under state law