The Two Types of Psychological Contracts Are Transactional and Reciprocal

question 47

True/False

The two types of psychological contracts are transactional and reciprocal.

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Definitions:

Implied Warranty

A legal term for the assumption that a sold product will fulfill its intended purpose.

Fitness for a Particular Purpose

A legal concept that implies a product is suitable for the specific use the buyer intends.

Actual Knowledge

Direct awareness or understanding of a fact or piece of information.

Warranty Disclaimers

Legal statements that limit or eliminate the seller's liability for certain defects or failures in the product sold.