1/10/09 BR- What is the legal term for a contract that has been broken? Today: Warranties.

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Presentation transcript:

1/10/09 BR- What is the legal term for a contract that has been broken? Today: Warranties

Vocabulary C-2 Warranty, express warranty, puffing, full warranty, limited warranty, implied warranty, warranty of merchantability, warranty of fitness for a particular purpose, warranty of title, disclaimer,

Warranty- a promise made by a seller concerning quality or performance. An expressed warranty is a statement (written, oral, or by demonstration) that clearly defines what a product that is being bought will do. It is always best to get a written warranty. Obvious exaggeration or seller’s opinion ARE NOT parts of a warranty. This is known as puffing.

Magnuson-Moss Warranty Act (1975) (full warranty – covers everything) Full, written warranties must: Disclose all essential terms and conditions in one document Be stated in easy-to-read language Be made available to the consumer before they purchase something

Magnuson-Moss Warranty Act (1975) (full warranty – covers everything) A defective product will be “replaced” for free (no additional charges.) Consumer will not suffer undue burden Product will be replaced within a reasonable time If replacement is not possible a full refund is warranted Warranty applies to any owners within the 1st warranty period

Limited Warranties Limited warranties are anything that covers only certain parts or conditions of the product

Implied Warranties (3): Unwritten, minimum standards of a product sold by dealers that are guaranteed by law. 1. Warranty of Merchantability – unwritten promise that the product will do what the item is solds as. Saw will cut, freezer will freeze, radio will play. DOES NOT APPLY TO ITEMS SOLD “As Is.”

Implied Warranties - Warranty of Fitness for a Particular Purpose – the consumer tells the seller that they require certain qualities or performance of a product before it is purchased.

Implied Warranties - Warranty of Title – Seller’s promise that they own the item being sold and therefore has a right to transfer title (ownership.)

Disclaimers- These are ways for the seller to limit their responsibilities to the warranty. “As Is” or “this machine should be operated by persons under 150 pounds.” Assignment: Problem Set 23.1