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
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