Some Products Can Be Classified as Either a Business or a Consumer

question 128

Multiple Choice

Some products can be classified as either a business or a consumer product depending on ______.

• A) the type of product/service
• B) the cost of the product/service
• C) where the product/service is sold
• D) who buys the product/service and why

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Definitions:

Express Term

A provision in a contract that is clearly articulated and agreed upon by all parties, either orally or in writing.

Warranty

A guarantee provided by a seller that the product or service offered meets certain criteria and that any defects will be fixed or compensated.

Liability

A legal obligation or responsibility; it can refer to financial debt or other forms of legal responsibilities individuals or entities may have towards others.

Guarantee

A legal promise to ensure the fulfillment of an obligation or repayment of a loan in case the original party fails to do so.