Which of the Following Is Not a Requirement for Disclaiming

question 47

Multiple Choice

Which of the following is not a requirement for disclaiming a warranty?

• A) statutory authorization
• B) a conspicuous writing
• C) an explanation of why the warranty is being disclaimed
• D) inclusion of the word merchantability if merchantability is to be disclaimed

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Definitions:

Deferred Tax

A tax liability or asset that arises due to the temporary differences between the accounting income and the taxable income.

Goodwill

The value attributed to a company's brand name, customer relationships, and other intangible assets that are not separately identifiable.

Liabilities

are present financial obligations arising from past events, the settlement of which is expected to result in an outflow of resources embodying economic benefits.

Tax Rate

The percentage at which an individual or corporation is taxed.