A ________ Is a Seller's or Lessor's Express or Implied

question 71

Multiple Choice

A ________ is a seller's or lessor's express or implied assurance to a buyer or lessee that the goods sold or leased meet certain quality standards.

• A) bond
• B) caveat emptor
• C) warranty
• D) collateral

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Definitions:

Tax Laws

Regulations established by governmental authorities dictating how taxes are to be computed, collected, and managed.

Compliance Costs

Expenses incurred by businesses or organizations in order to adhere to laws, regulations, and guidelines.

U.S. Income Tax

A tax imposed by the U.S. government on the income earned by individuals, corporations, trusts, and other legal entities.

Saving

The process of setting aside a portion of current income for future use or for investment purposes.