If a Seller Wishes to Be Relieved of the Responsibility

question 23

True/False

If a seller wishes to be relieved of the responsibility for implied warranties, the sales contract must clearly provide that the parties did not intend the implied warranties to become part of the contract.

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Definitions:

Accounting Information System

A system designed to collect, store, manage, process, retrieve, and report financial data for decision making.

Flexibility Principle

In accounting, it refers to the principle that financial reporting and its practices should be flexible enough to adapt to changes in the business environment or in accounting standards.