There Is No Statutory Implied Promise by the Seller That

question 36

Multiple Choice

There is no statutory implied promise by the seller that the goods supplied will be fit for their purpose if:

• A)the buyer expressly or by implication made the intended purpose known to the seller.
• B)the buyer relied upon the seller's skill and judgement.
• C)the seller normally deals in goods of that description.
• D)the buyer purchased the goods at a garage sale.

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Definitions:

Savings Accounts

Deposit accounts held at financial institutions that provide principal security and a modest interest rate.

Deposit

The act of placing funds into a bank account or a sum of money that is held in custody for future transactions.

Simple Interest

The calculation of interest paid only on the original amount of money invested, not on the interest it has already earned.

Compounded Annually

Describes the process by which an investment's earnings, from either capital gains or interest, are reinvested to generate additional earnings over time.