Examlex
Which of the following is not a mandatory component of the IIA's International Professional Practices Framework?
Implied Warranty
A legal assumption that goods are fit for the purpose for which they were sold, even if not explicitly stated.
Merchantability
A warranty that a product sold will meet reasonable expectations of the buyer, including that it is of average acceptable quality and is fit for the purpose for which it is sold.
Defective
Pertaining to a lack of perfection, flaws, or deficiencies in a product, service, or legal document that impair its quality, functionality, or legality.
Security Interest
Any interest “in personal property or fixtures which secures payment or performance of an obligation” [UCC 1–201(37)].
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