The Warranty Act

question 35

Multiple Choice

The Warranty Act

• A) sets standards for what must be contained in a warranty and ease with which consumers must be able to understand it.
• B) says that any unconditional assurance must be promoted as a full warranty.
• C) says that full warranties do not have to include repair.
• D) says that shipping charges do not have to be included in a full warranty.

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Definitions:

Balance Sheet Amounts

The monetary values assigned to assets, liabilities, and equity in the balance sheet at a specific point in time, reflecting a company’s financial position.

Paid-in Capital

The amount of capital "paid in" by investors during common or preferred stock issuances, including the par value of the shares and any amount paid in excess.

Organization Expenses

Expenses associated with the formation of a corporation or organization, such as legal fees, registration fees, and promotional expenses.

Par Value

A nominal value assigned to a security, such as a stock, which is stated in the corporate charter and often bears no relation to its market value.