Examlex
If Darby values a soccer ball at $50, and she pays $40 for it, her consumer surplus is $90.
Operation of Law
Legal changes or transfers that occur automatically due to established legal rules, rather than through actions by the parties involved.
Implied Warranties
Warranties not explicitly stated but are assumed in transactions, ensuring goods or services meet reasonable expectations of performance.
Due-on-sale Warranties
Clauses in a mortgage agreement that require the full loan balance to be repaid if the property is sold.
Express Warranties
Explicit guarantees made by a seller about the quality, safety, or performance of a product or service.
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