Question

1. What is the warranty of merchantability?

2. What is the warranty of fitness for a particular purpose?

3. What is a disclaimer?

4. What is the difference between personal property and real property?

5. What is abandonment?

6. What is a bailment?

Answer 1

1. Warranty of merchantability is an unwritten and unspoken promise to the buyer that products purchased comply with ordinary care requirements and are of the same average grade, quality and value as comparable goods sold in similar circumstances.

2.Fitness warranty for a particular purpose is a warranty provided by law that if the seller knows or has reason to know of a specific purpose for which the buyer buys such goods, the seller promises that the item is suitable for that specific purpose.

3.A disclaimer generally refers to any document intended to define or delimit the scope of rights and obligations that parties can exercise and enforce in a legally recognized relationship

4.Real property is land that is immovable. It describes land and things like buildings attached to that land, which is why land is sometimes referred to as real estate. While steel, wood and other building materials are not land by themselves, they are real property when they are built into structures attached to land. Personal property is any movable property Is not land-related or fixed.

5. Abandonment The act of giving up something or someone or To relinquish control of:

6. A bailment is, for some reason, the transfer of goods by one person to another on a contract that they are returned or otherwise disposed of in compliance with the orders of the person delivering them when the intent is satisfied. The act of bailing out an individual or personal property