Oral Warranties Made Before the Execution of a Written Agreement

question 53

True/False

Oral warranties made before the execution of a written agreement containing an express disclaimer are subject to the parol evidence rule.

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Definitions:

Labor

Human effort used in the production of goods and services.

Perfect Competition

A market structure characterized by a large number of small firms, identical products sold by all firms, no barriers to enter or exit the market, and perfect knowledge of prices and technology.

Marginal Product

The additional output produced as a result of employing one more unit of a particular input while keeping other inputs constant.

Value of Marginal Product

The extra revenue a firm gains by employing an additional unit of input.