According to the Rule of Privity, Warranties May Not Extend

question 74

True/False

According to the rule of privity, warranties may not extend to third parties to a contract.

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Definitions:

Close Substitutes

Goods or services that can serve as replacements for each other with minimal difference in utility for the consumer.

Oligopolistic

Describing a market structure dominated by a few large producers or sellers who have significant control over prices and market share, often resulting in limited competition.

Monopolistic

Relates to a market structure where a single firm dominates the market, often leading to limited competition.

Differentiate Products

The strategy of distinguishing a product from its competitors through design, features, branding, or quality.