An Implied Warranty of Merchantability Means That the Goods Are

question 8

Multiple Choice

An implied warranty of merchantability means that the goods are reasonably

• A) fit for the buyer's particular purpose so long as the buyer tells the seller the purpose.
• B) fit for the ordinary purpose for which such goods are used.
• C) suitable for resale at an acceptable price.
• D) the best quality that money can buy.

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Definitions:

Intellectual Property

Legal rights that result from intellectual activity in the industrial, scientific, literary, and artistic fields, safeguarding creators' rights to their inventions, writings, music, and brands.

Limited Partners

Investors in a limited partnership who provide capital but have limited liability and are not involved in day-to-day management.

Admission

A statement made in court, under oath, or at some stage during a legal proceeding, in which a party against whom charges have been brought admits that an oral contract existed, even though the contract was required to be in writing.

General Partners

Owners of a partnership who have unlimited personal liability for the debts of the business and participate in its operations.