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What is microcredit? Describe the potential benefits and drawbacks of this strategy for economic development?
Nonconforming Goods
Goods delivered by a vendor that do not meet the specifications or quality standards agreed upon in a contract.
Specified Goods
Items that are explicitly defined or identified in a transaction or contract.
Contract
An agreement based on mutual promises between two or more competent parties to do or to refrain from doing some particular thing that is neither illegal nor impossible. The agreement results in an obligation or a duty that can be enforced in a court of law.
Warranty of Fitness
An assurance that a product or service is suitable for the specific purpose for which it was bought, often implied in sales contracts.
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