Asked by
Prabhu deivasigamani
on Nov 27, 2024
Verified
Trucks Inc. and United Express Service enter into a contract for a lease of trucks. The lessor is a merchant that deals in goods of the kind leased. Under the UCC, an implied warranty of merchantability arises
A) automatically.
B) only if the lessee asks for it.
C) only if the lessor expresses such a warranty.
D) only in conjunction with sales, not lease, contracts.
Implied Warranty
A legal assurance in a transaction that the goods or services sold meet certain standards even if not explicitly stated.
Lease
A contractual agreement by which one party conveys property, services, or land to another party for a specified period of time, in return for periodic payments.
UCC
Uniform Commercial Code; a comprehensive set of laws governing all commercial transactions in the United States.
- Acquire knowledge on the notion of warranty and differentiate between express and implied warranties.
- Acquire knowledge on the legal guidelines overseeing warranties in the transactions involving the sale and rental of goods.
Verified Answer
LA
Learning Objectives
- Acquire knowledge on the notion of warranty and differentiate between express and implied warranties.
- Acquire knowledge on the legal guidelines overseeing warranties in the transactions involving the sale and rental of goods.