17.An example of an ________ is where Sylvania provides light bulbs that, one mi

Question

17.An example of an ________ is where Sylvania provides light bulbs that, one might assume, are safe to use and will last for a reasonable amount of time.

a- extended warranty b- express warranty c- guaranteed warranty d- implied warranty

18. An implied warranty of ________ assures that a product is a reasonably fit for ordinary use..

a- quality b- express c- fitness d- mechantibilty

21.When a supplier fails to perform their obligations in a contract, it is called a ________.

a- breach of contract b- denial of responsibilty c- refusal to perform d- offer and acceptance

22.When a court orders a party to carry out their duties under the contract, it is called ________.

a- punitive damages b- specific performace c- obligation relief d- consequential damages

Explanation / Answer

17

Implied warranty

Implied warranty is the assumption that a buyer makes while purchasing a product that it will be safe and usable for a reasonable amount of time. This means while there is no written confirmation of guarantee, the buyer has certain reasonable expectation.

Extended warranty is additional warranty that is usually purchased for support for longer period. Express warranty is a warranty that is specifically mentioned. A written expressed warranty is a guaranteed warranty. Thus none of these options match the statement.

18

Merchantability

“Implied warranty of merchantability” is the assurance that a product sold is reasonably fit for ordinary use. It is part of sales law in most of the countries.

The other options, are not applicable to the question. There is no legal term as implied warranty of quality or express. There is a term called implied warranty of fitness but that is used for services rather than products.

21

Breach of contract

The definition of breach of contract is when one of the parties fail to perform their obligation mentioned in a contract.

Denial of responsibility and refusal to perform are violations that are done knowingly. Breach of contract is a general term to cover all such scenarios. Offer and acceptance are part of the contract and has nothing to do with failure. Thus the only option for this question is breach of contract.

22

Specific performance

Specific performance is usually ordered by courts when simply paying compensatory damages may not be sufficient. When damages cannot be replaced by monetary compensation, the court may order specific performance.

Punitive damages are the additional damages that the court order for the guilty party to pay to the plaintiff as a punishment. Obligation is the duty of the contracted parties. Consequential damages are the damages that are incurred due to the defendant’s fault. These damages can be monetary. However, specific performance requires the defendant to perform their duty mentioned in the contract.

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