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Today's Terms
Warranties
Definition:
Fitness and merchantability The two most important warranties created by U.C.C. Article 2 are the warranty of merchantability (2-314) and the warranty of fitness for a particular purpose (2-315). The warranty of merchantability is a promise that the goods are fit for the ordinary purpose for which goods of that type are used.
Extended warranty
Definition:
A service contract is sold separately and is a promise to pay for certain repairs or services. Service contracts are usually high-profit add-ons, costing hundreds to more than $1,000.
Torts law
Definition:
A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
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State Statutes Resource Center 