Business Law Unit 3 warranty/deeds

The warranty of merchantability is implied with every sale a retailer, wholesaler, or manufacturer makes.

• True

• False

Sam purchased ten computers and paid to have them installed. The laws of UCC apply.

• True

• False

The cooling off rule gives you five business days to change your mind about a transaction that was made in the seller's regular place of business.

• True

• False

The statute of limitations for sales contracts is three years.

• True

• False

The relaxed UCC rules allow for a sales contract to be made in any manner that shows the parties have reached an agreement.

• True

• False

The law requiring that written express warranties on products costing more than $10 meet certain requirements is the ...

• parol evidence rule

• Nader-Clayton Warranty Act

• Right of Warranty Law

• Magnuson-Moss Warranty Act

The UCC laws govern all of the following business transactions EXCEPT the sale of...

• stocks

• computers

• soda

• shoes

The FTC is a governmental agency created to ...

• protect you when you lease a car

• set safety standards for consumer products

• promote free and fair trade competition

• protect you from risk of injury

The mission of the Better Business Bureau is to ...

• recall unsafe products

• sue companies for questionable business practices

• develop warranties for products made locally

• promote ethical relationships between businesses and the public

An interstate commerce developed, a need for consistent laws regarding the sale and lease of goods arose. These laws are called...

• Federal Trade Laws

• Federal Sales Code

• Uniform Contract Laws

• Uniform Commercial Code