In Sales Law,a Warranty Is an Assurance by One Party

question 25

True/False

In sales law,a warranty is an assurance by one party of the existence of a fact on which the other party can rely.

---

Definitions:

LLC

A limited liability company, which is a business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Distribution of Profits

The allocation of a company's earnings to its shareholders or owners, typically in the form of dividends.

Dissolution

The official termination of an entity's existence, such as a corporation or partnership, through legal processes.

General Partner

A member of a partnership who has full liability for the debts of the partnership and participates in its management.