LES 305 Exam #3 Questions and Answers
Express warranty - AnswerContractual promise about nature or potential of product that gives right of recovery if product falls short of a promise that was a basis of the bargain
/.Bait and switch - AnswerUsing cheaper, unavailable product to lure custom...
LES 305 Exam #3 Questions and Answers
Express warranty - AnswerContractual promise about nature or potential of product that
gives right of recovery if product falls short of a promise that was a basis of the bargain
/.Bait and switch - AnswerUsing cheaper, unavailable product to lure customers to store
with a more expensive one then substituted or offered instead
/.Wheeler-Lea Act - AnswerFederal law that allows FTC to regulate "unfair and
deceptive acts or practices"
/.Celebrity endorsements - AnswerFTC area of regulation wherein products are touted
by easily recognized public figures
/.Consent decree - AnswerVoluntary settlement of FTC complaint
/.Implied warranty of merchantability - AnswerWarranty of average quality, purity, and
adequate packaging given in every sale by a merchant
/.Implied warranty of fitness for a particular purpose - AnswerWarranty given in
circumstances in which the buyer relies on the seller's expertise and acts to purchase
according to that advice
/.Disclaimer - AnswerAct of negating warranty coverage
/.Privily - AnswerDirect contractual relationship between parties
/.Strict liability - AnswerStandard of liability that requires compensation for an injury
regardless of fault or prior knowledge
/.Restatement (Second) 402A - AnswerAmerican Law Institute's standards for imposing
strict liability for defective products
/.Negligence - AnswerStandard of liability that requires compensation for an injury only if
the party responsible knew or should have known of its potential to cause such injury
/.Punitive damages - AnswerDamages beyond compensation for knowledge that
conduct was wrongful
/.Misuse - AnswerProduct liability defense for plaintiff using a product incorrectly
/.Contributory negligence - AnswerConduct by plaintiff that contributed to plaintiff's
injury; serves as a bar to recovery
, /.Comparative negligence - AnswerNegligent conduct by plaintiff serves as a partial
defense by reducing liability by percentage of fault
/.Assumption of risk - AnswerDefense to negligence available when plaintiff is told of
product risk and voluntarily uses the product
/.Consumer Product Safety Commission - AnswerFederal agency that regulates product
safety and has recall power
/.Consumer Product Safety Improvement Act of 2008 - AnswerExpands authority to
second-hand sales
/.Principal - AnswerEmployer; responsible party
/.Agent - AnswerParty hired to act on another's behalf
/.Restatement of Agency - AnswerCommon law view of agent-principal relationship
/.Unincorporated association - AnswerNonlegal entity; no legal existence as natural or
fictitious person
/.Express authority - AnswerWritten or stated authority
/.Implied authority - AnswerAuthority by custom
/.Apparent authority - AnswerAuthority by perceptions of third parties
/.Lingering apparent authority - AnswerAuthority left with terminated agent because
others are not told of termination
/.Actual notice - AnswerReceipt of notice of termination
/.Constructive notice - AnswerPublication of notice of termination
/.Ratification - AnswerAfter-the-fact recognition of agent's authority by principal
/.Disclosed principal - AnswerExistence and identity of principal are known
/.Partially disclosed principal - AnswerExistence but not identity of principal is known
/.Undisclosed principal - AnswerNeither existence nor identity of principal is known
/.Gratuitous agency - AnswerAgent works without compensation
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller kartelodoc. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
