THE IMPORTANCE OF WARRANTIES
PRACTICAL
LIVING/VOCATIONAL
STUDIES NINTH GRADE CHRISTY PUCKETT/GRAVES COUNTY HIGH SCHOOL PL-H-3.3.1
WARRANTY:
An
agreement to be responsible if a good or service is not as represented
EXPRESS WARRANTY
A
STATEMENT OF FACT EXPRESSED BY THE SELLER FOR THE PURPOSE OF HAVING THE BUYER MAKE A PURCHASE OFTEN FOUND IN SALES BROCHURES, CIRCULARS, AND ADVERTISEMENTS
AN EXPRESS WARRANTY COMES ABOUT IN ANY OF THREE WAYS:
STATEMENT
OR PROMISE BY
SELLER DESCRIPTION OF GOODS SAMPLE OR MODEL
MAGNUSON MOSS WARRANTY ACT
FEDERAL LAW THAT PROVIDES WRITTEN WARRANTIES MUST FULLY DISCLOSE IN SIMPLE, READILY UNDERSTANDABLE LANGUAGE THE TERMS AND CONDITIONS OF THE WARRANTY
TWO TYPES OF WRITTEN WARRANTIES
FULL: ONE IN WHICH A DEFECTIVE PRODUCT WILL BE FIXED OR REPLACED WITHIN A REASONABLE TIME AFTER A COMPLAINT HAS BEEN MADE LIMITED: WARRANTY THAT “LIMITS” ON WHAT IS COVERED / HAS LIMITATIONS
IMPLIED WARRANTIES
BY THE NATURE OF THE TRANSACTION, OR BY THE WARRANTIES IMPLIED BY THE ACTS OF SURROUNDING CIRCUMSTANCES CAN OCCUR IN 1 OF 2 WAYS
WARRANTY OF FITNESS
CREATED WHEN THE SELLER KNOWS ABOUT A PARTICULAR PURPOSE FOR WHICH GOODS ARE NEEDED SELLER ADVISES THE BUYER AND BUYER RELIES ON THE EXPERTISE EXISTS EVEN IF SELLER IS A NONMERCHANT
WARRANTY OF MERCHANTABILITY
GIVEN ONLY BY A MERCHANT(SOMEONE WHO DEALS IN GOODS BEING SOLD IN THE ORDINARY COURSE OF BUSINESS OR HAS KNOWLEDGE OR SKILL PERTAINING TO THE GOODS) MERCHANT WARRANTS THAT THE GOODS ARE MERCHANTABLE
TO BE MERCHANTABLE, GOODS MUST:
PASS WITHOUT OBJECTION UNDER CONTRACT DESCRIPTION BE FIT FOR THE PURPOSE THE GOODS WERE TO BE USED BE ADEQUATELY CONTAINED, PACKAGED, AND LABELED CONFORM TO STATEMENTS MADE ON CONTAINER OR LABEL
WARRANTY OF TITLE
WHENEVER GOODS ARE SOLD, THE SELLER WARRANTS THAT THE TITLE BEING CONVEYED IS GOOD GOODS SHOULD BE DELIVERED FREE OF ANY FINANCIAL OBLIGATIONS ABOUT WHICH THE BUYER HAD NO KNOWLEDGE
TO EXCLUDE A WARRANTY:
FOR
ANY IMPLIED WARRANTY OF FITNESS MUST BE IN WRITING AND CONSPICOUS FOR A WARRANTY OF MERCHANTABILITY, THE WORD “MERCHANTABILITY”MUST BE USED “AS IS” OR “WITHOUT ALL FAULTS” ALSO EXCLUDES THE WARRANTY
REMEDIES
ASK
FOR A REFUND FIX THE DEFECT RECEIVE A NEW PRODUCT SUE FOR THE PURCHASE PRICE PLUS DAMAGES