s the principle of caveat emptor (let the buyer beware) be applied to
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How does the principle of caveat emptor (let the buyer beware) be applied to Warranty in general?
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- How can you tell if a warranty should be treated as a quality-assurance warranty or an extended warranty?Are monetary obligations under a contract of surety intransmissible by their nature, by stipulation, or by provision of law?Which of the following arises when the seller's right to consideration from a customer is conditional upon something other than the passage of time? A receivable A contract asset A contract liability None of these choices
- 23.A merchant makes an implied warranty of merchantability every time he or she sells goods(unless the warranty is excluded). To be merchantable, a good must be: -reasonably fit for its intended purpose -conforming to the buyer’s expectations -accepted by the buyer -all of the aboveDistinguish between a warranty against infringements and a warranty of no interference.Describe how the matching principle applies to contingent liabilities (hint: warranties).
- A promotional item offered to buyers of specific products is called ________. Group of answer choices a service-type warranty an assurance-type warranty an accretion a premiumWhich of the following is NOT a contingent liability? a. Pending law suit for property damage b. Product warranty c. Discounted note receivable d. Pending law suit for slander(a) Cite an example of a contract which is contrary to morals, (b) Can the nullity of the stipulation on the usurious interest affect (i) the lender’s rights to recover the principal loan; (ii) the terms of the real estate mortgage?
- Describe the fundamental requirements of a valid deed and distinguish among warranty, special warranty, and quitclaim deeds.Explain the rights of a creditor against a surety and the rights of a surety, including those of a cosurety.18. Accounting for product warranty costs under an assurance-type warranty * a. is required for income tax purposes. b. is frequently justified on the basis of expediency when warranty costs are immaterial. c. charges an expense account when the seller performs in compliance with the warranty. d. represents accepted practice and should be used whenever the warranty is an integral and inseparable part of the sale.