Band Instruments, Inc

question 54

Multiple Choice

Band Instruments, Inc., sells seventy-six trombones to Community & School Band Source, Inc. To avoid liability for most implied warranties, Band Instruments should state in writing that the trombones are sold​

• A) ​as is.
• B) ​by a merchant.
• C) ​in perfect condition.
• D) ​with no known defects.

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Definitions:

Redeemability

The quality of being able to be redeemed or converted into some form of value or benefit.

Redemption

The act of buying back something previously sold, such as a company repurchasing its own shares from investors.

Stated Capital

This refers to the capital that a corporation declares in its charter as its official capital.

Insolvent

A state in which an individual or entity cannot meet their financial obligations as debts come due, often leading to bankruptcy proceedings.