Which of the Following Statements Characterizes an Implied Warranty of Fitness

question 57

Multiple Choice

Which of the following statements characterizes an implied warranty of fitness?

• A)It is covered under UCC section 402A.
• B)The seller relies on the buyer's skill or judgment in making a purchase.
• C)Any seller,merchant or nonmerchant,may make this implied warranty.
• D)It has the same tests as those for implied warranty of merchantability.

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Definitions:

Greater Than

A mathematical symbol (>) denoting that a value on the left is larger than the value on the right.

Four Firms

Often refers to a concentration ratio in economics that measures the output or revenue share of the four largest firms within an industry.

Industry Table

A tabular representation of data that shows information specific to a particular industry, often including metrics like production, sales, and employment.

Four-Firm Concentration Ratio

A measure of market concentration that calculates the combined market share of the four largest firms in an industry.