Examlex
Which of the following affects a firm's sensitivity of its earnings to the business cycle?
I. Financial leverage
II. Operating leverage
III. Type of product
Implied Warranty
A legal concept that guarantees a product will meet certain standards of quality and reliability without explicitly stating them in a contract.
Merchantability
A warranty that a product will meet reasonable expectations of quality and functionality at the time of sale.
Ordinary Purposes
Refers to the general, expected use of a product or service, implying that it meets a basic level of functionality and safety.
Perfect Tender Rule
This rule mandates that goods delivered under a sales or lease contract must exactly meet the terms of the contract, with any deviation allowing the buyer to reject the products.
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