A Seller Does Not Have to Use Words Such as "Warrant

question 50

True/False

A seller does not have to use words such as "warrant" to make an express warranty.

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Definitions:

Promissory Note

A financial instrument in which one party promises in writing to pay a determinate sum of money to another, either at a fixed or determinable future time or on demand of the payee.

Payee

A person to whom an instrument is made payable.

Maker's Obligation

The responsibility of the creator of a negotiable instrument to pay the specified amount to the holder of the instrument upon its presentation.

Draft

Any instrument (such as a check) drawn on a drawee (such as a bank) that orders the drawee to pay a certain sum of money, usually to a third party (the payee), on demand or at a definite future time.