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Implied Warranties
Implied warranties are unspoken, unwritten promises that a product will meet a minimum quality and functional standards.
Material Terms
In a contract, the terms that allow a court to determine what the damages are in the event that one of the parties breaches the contract; include the subject matter, quantity, price, quality, and parties.
Express Warranties
Explicit guarantees made by a seller that affirm or promise specific attributes or conditions of a product.
Statute of Limitations
A law that sets the maximum period one can wait before filing a lawsuit, depending on the type of case or claim.
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