WARRANTIES HOW EXCITED ARE WE!?!. WARRANTIES What is a warranty? What is the last thing you bought with a warranty? What is usually included in a warranty?

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Presentation transcript:

WARRANTIES HOW EXCITED ARE WE!?!

WARRANTIES What is a warranty? What is the last thing you bought with a warranty? What is usually included in a warranty? Are they free? If not, what is usually a cost for them?

What is a warranty? Promise made by seller about the quality or performance of specific goods of sale. Breach: Seller does not live up to the guarantees

Express Warranty: Statement about the quality of the product made by the seller Ex. “This engine won’t need any new parts for at least 3 years.” Puffiing: A seller’s exaggeration “This snuggie will be warmer than anything you have ever owned.”

Magnuson-Moss Warranty Act: Written warranties must: (1)Disclose all terms in a single document (2)Be stated in simple language (3)Be made available before the sale (4)Explain what is included

Implied Warranty: Unwritten promise that a product will perform how it is expected (only by bona fide sellers) 1.Warrant of merchantability: 2.Warranty of fitness: 3.Warranty of title:

Disclaimer: an attempt to limit the seller ’ s responsibilities should anything go wrong with a product

IS A WARRANTY CREATED IN ANY OF THE FOLLOWING SITUATIONS? WHAT TYPE AND HAS IT BEEN BROKEN?  Carlos sells Nick his used car and it breaks. The repair of the car is greater than the cost.  Alexa sells Selin a stolen diamond ring after telling her it was a gift from an ex boyfriend.  Isaiah sells Siera a camera by telling her it will last for 8 years. It breaks after 8 months

 Will buys a new bedframe from the store. One of the legs falls off 2 weeks after delivery. Where will he sleep?  Ashley orders a hardcover book from Borders for $ When she receives it, it is paperback.