Book Opener

Consider the key terms in the list below. Then use these termsto complete the following exercises.usage of tradewarranty of titlewarrantyexpress warrantyfull warrantyconsumerimplied warrantylimited warrantyconsequential damagesmerchantablewarranty of merchantability duty to notifywarranty of fitness for a particular purposeprivity of contract1. Prepare a speech that explains the importance of the law ofwarranties to consumers. Be sure to differentiate among thevarious types of warranties discussed in this chapter. Refer tothe chapter when necessary. Use all of the terms listed abovein your speech.2. Practice delivering your speech until you feel confident andcomfortable. Then present your speech to the class.Visit the UnderstandingBusiness and PersonalLaw Web site atubpl.glencoe.com andclick on Chapter 14:Consumer Protectionand Product Liability—Self-Check Quizzesto prepare for thechapter exam.Answer the following questions. Refer to the chapter for additional reinforcement.3. In what three ways may express warranties be created?4. Why should you try to obtain written warranties whenever possible?5. What is the difference between a full warranty and a limited warranty? Whenmust these warranties be mentioned?6. When does the implied warranty of fitness for a particular purpose arise?7. When and by whom is the warranty of merchantability given?8. What does a warranty of title guarantee?9. In what ways may warranties be excluded?10. What is a lien?11. What might happen if you accidentally purchase stolen goods?12. Explain the significance of usage of trade as it applies to warranties.13. What are consequential damages?14. What is privity of contract?Chapter 14: The Importance of Warranties 311