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At 1:00 p.m. on February 6, Phil purchased a security that represented a claim to the Nasdaq 100. At 3:00 p.m. the same day he sold the claim and realized a $2,000 gain. The security Phil purchased was a:
Implicit Guarantee
An unstated or implied promise or assurance, often believed to exist due to past practices or general market perceptions.
Future Performance
A contractual commitment to perform a service or deliver a product at a future date.
Breach of Warranty
The violation of a claim or promise about a product's condition, quality, or performance.
Discovered the Defect
The identification by a buyer or lessee of a flaw or deficiency in a product or property that was not known at the time of purchase or lease.
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