What Type of Warranty Is Unspoken and Unwritten and Based

question 20

Multiple Choice

What type of warranty is unspoken and unwritten and based on the principle that the seller stands behind the product?

• A)implied
• B)express
• C)service contract
• D)extended

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Definitions:

Unlimited Life

Refers to corporations having a perpetual existence, not limited by time, allowing them to continue operations indefinitely unless dissolved.

Agency Problem

A conflict of interest arising between principals (owners/shareholders) and agents (company executives/managers), where the agent may make decisions that benefit themselves at the expense of the principals.

Partnership Agreement

A legal document that outlines the rights, responsibilities, and profit and loss distribution among partners in a business partnership.

Corporate Officer

An executive or high-ranking official within a corporation, often with legal responsibilities.