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. An implicit merchantability warranty guarantees that a product will work as intended. If your oven is unable to maintain a stable temperature, it can not be relied on to function properly and has violated the merchantability guarantee implied. Under the Uniform Commercial Code, implemented in any form in all states other than Louisiana, this warranty extends to any merchant's products that regularly deal in the type of merchandise sold. The assurance guarantees that the product sold will: pass without objection in the market Be of standard quality and quantity Be properly packaged and labelled in accordance with its labels

2. The implied fitness guarantee for a particular purpose (which clearly varies from the normal intent requirement of the merchantability warranty) occurs when a buyer depends on the expertise or discretion of the seller in choosing an item for a particular purpose and when the seller knows or should know the intention of the buyer. Bicycle buyers, for example, explain how they need a bicycle that can handle some kind of mountain terrain. The salesperson is held to an implicit fitness promise for a specific purpose (the ability of the bicycle to manage mountain terrain) in recommending a certain type of bike. If the bike is not able to perform as expected, the implied fitness warranty for a particular purpose has been breached, and most likely the buyers could return the bike.

3. A disclaimer is generally any statement intended to define or delimit the scope of rights and obligations that the parties in a legally recognized relationship may exercise and enforce. Unlike other legal language words, the term disclaimer usually implies situations involving some level of uncertainty, exemption, or threat. When part of a contract, a warranty may specify mutually negotiated and privately arranged terms and conditions; or may specify alerts or obligations to the general public (or some other group of persons) to satisfy a duty of care due to prevent unreasonable risk of harm or injury.

4. There are two types of real estate. Both land will be listed either as personal property or as real property in legal terms. The distinction between property forms stems from the common law of England, but our modern laws tend to differentiate between the two. Under the rule, every form of property will be treated differently. There are many different types of laws specifically related to personal property, as well as many other types of laws specifically related to real estate. Personal property is property that can be transferred. It's anything that can be subject to ownership, except land. Immovable property is real property-it is land and anything that is attached to the house.

5. In law, surrender is the surrender, surrender or surrender of an interest, claim, civil proceedings, appeal, privilege, ownership, or right, particularly with the intention of never again resuming or reaffirming it. Such deliberate action can take the form of discontinuation or waiver. Across various branches of law, this specific definition has a number of applications. Under common law jurisdictions, it is possible to recognize both the abolition of common law and the legal abandonment of land.

6. Bailment describes a common law legal relationship in which physical possession of personal property or a chattel is passed from one person (the "bailor") to another person (the "bailee") who then owns the property. This happens when a person gives someone else's property for safekeeping and is a cause of action irrespective of contract or abuse.