By the End of the Seventeenth Century, Which of the Following

question 58

Multiple Choice

By the end of the seventeenth century, which of the following was true?

• A)International trade was much greater than intra-European trade.
• B)Wealth was being transferred back to the New World from Europe in the form of raw materials.
• C)Local, regional, and intra-European trade was considerably greater than international trade.

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Definitions:

Implied Warranty

A legal concept that guarantees a product will meet certain standards of quality and reliability without explicitly stating them in a contract.

Merchantability

A warranty that a product will meet reasonable expectations of quality and functionality at the time of sale.

Ordinary Purposes

Refers to the general, expected use of a product or service, implying that it meets a basic level of functionality and safety.

Perfect Tender Rule

This rule mandates that goods delivered under a sales or lease contract must exactly meet the terms of the contract, with any deviation allowing the buyer to reject the products.