Examlex
Please define the following key terms. Show Who? What? Where? When? Why Important?
-Mensheviks
Implied Warranty
An unwritten guarantee that the product or service being sold is fit for its intended purpose.
Express Warranty
A promise or guarantee made by a seller about the quality, function, or performance of a product, explicitly stated in the contract or sales agreement.
Fitness For Purpose
A condition ensuring that a product or service meets the specific criteria or intended use defined by the buyer or contract.
Market Share Theory
A concept in business and economics referring to the percentage of an industry or market's total sales that is earned by a particular company over a specified time period.
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