A Warranty May Be Generally Defined As

question 296

Multiple Choice

A warranty may be generally defined as:

• A) a guarantee of payment by the seller
• B) a guarantee of payment by the buyer
• C) a statement by the buyer that it accepts responsibility for any harms it causes
• D) a statement by the seller that its goods conform to buyer's expectations
• E) none of the other choices

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Definitions:

FTC Act

Legislation established to prevent unfair competition, deceptive acts, and regulate antitrust.

Sherman Act

A landmark federal statute in the field of United States antitrust law passed by Congress in 1890 to preserve competitive market conditions by prohibiting monopolies, cartels, and trusts.

Vertical Mergers

The combination of two or more companies that operate at different stages of production in the same industry, such as a manufacturer merging with a supplier.

Industrial Age

A period of history marked by major industrialization that transformed economies from being primarily based on agriculture and handicrafts to being based on manufacturing and machinery.