General Construction Company (GCC) tells Industrial Supplies, Inc., that it needs an adhesive to do a particular job. Industrial provides a five-gallon bucket of a certain brand. When it does not perform to GCC's specifications, GCC sues Industrial, which claims, "We didn't expressly promise anything." What should GCC argue?
What will be an ideal response?
The buyer should argue that the seller breached an implied warranty of fitness for a particular purpose. An implied warranty of fitness for a particular purpose arises when a seller knows a particular purpose for which a buyer will use goods and that the buyer is relying on the seller's skill and judgment to select suitable goods. When the buyer in this problem told the seller that the product was needed to do a particular task, the seller became aware of the buyer's purpose for the goods and knew that the buyer was relying on the seller's skill to choose and sell a product that would meet that specification. The seller did not make an express warranty, under these facts, but there did arise an implied warranty of fitness for a particular purpose.
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In the United States, what entity regulates securities?
A) International Stock Exchange (ISE) B) Stock Trading Commission (STC) C) Internal Revenue Service (IRS) D) Money Market Regulators (MMR) E) The Securities and Exchange Commission (SEC)
In a two-person operation, one may specialize in the outward-facing tasks such as sales while the other specializes in the internal jobs such as research and production. In a large firm, there may be vice presidents for each task such as marketing, finance, and HR. These examples represent different types of _____.
Fill in the blank(s) with the appropriate word(s).
What occurs when a new radical form of business enters the market that reshapes the way companies and organizations behave?
A. Ecommerce model B. Eshop sale C. Paradigm shift D. Web 1.0
Which of the following is an example of unearned income?
a. Wages b. Interest c. Tips d. Both interest and tips