A Product Is a Good, Service, or Idea Consisting of ________

question 244

Multiple Choice

A product is a good, service, or idea consisting of ________ that satisfy consumers' needs and is received in exchange for money or something else of value.

• A) a promise or commitment exchanged between a seller and a buyer
• B) a bundle of tangible and intangible attributes
• C) an assortment of value-possessing activities
• D) an array of physical attributes
• E) a collection of tangible qualities

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Definitions:

Express Warranties

Explicit promises made by a seller to a buyer regarding the quality or nature of a product.

Disclaimed

A statement that denies responsibility, affiliation, or connection to something.

Impossibility of Performance

A legal doctrine where a party may be released from a contract due to unforeseen events making fulfillment unfeasible.

Subject Matter Destroyed

A situation where the physical or substantive basis of a case or matter has been eliminated or rendered irrecoverable.