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Robert Merton points out that people remember Abraham Lincoln, one of America's great heroes, as frugal, thrifty, and sparing, yet they describe these same traits differently when a member of a racial or ethnic minority possesses them. Merton suggests that a Japanese American might be described as stingy, miserly, and penny pinching. What explains this double standard?
Replacement Goods
Products provided to substitute for those lost, damaged, or deemed unsatisfactory, often under a warranty or agreement.
Consequential Damages
Damages that can be claimed and are intended to compensate a party for indirect losses as a result of not fulfilling a contractual obligation.
Nonconforming Goods
Products that fail to meet the quality, specifications, or performance standards outlined in a purchase agreement.
Lost Profits
Refers to the potential earnings a business was unable to realize due to wrongful actions by another party.
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