Examlex
When a dispute occurs in international commerce, what questions typically need to be answered to resolve the problem? Why do some firms often avoid litigation? What alternatives to litigation are available?
Merchantability
An implied warranty that goods sold by a merchant are reasonably fit for the general purpose for which they are sold.
Fungible Goods
Items that are interchangeable with others of the same type because they are identical in essence and value, such as grains or precious metals.
Average Quality
The median standard of quality among similar products or services, considered acceptable or satisfactory.
Warranty Of Merchantability
The warranty of merchantability is a legal guarantee provided by sellers that goods for sale will meet reasonable quality and usability standards as understood in the marketplace.
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