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Definition
| Guarantees that if a product is found to be defective within the warranty period, it will be repaired or replaced at no cost to the purchaser. |
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Definition
| May exclude certain parts of the product from coverage or require the customer to bear some of the expense for repair resulting from defects. |
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Definition
| Is the one that takes effect automatically by state law whenever a purchases is made. |
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| Warranty of Merchantability |
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Definition
| Is the Seller's promise that the product sold is fit for its intended purpose. |
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| Warranty of Fitness for a Particular Purpose |
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Definition
| Is used when the seller advises a customer use, and the customer acts on the advice. |
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Definition
| A statement that contain exceptions to and exclusions from a warranty |
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Definition
| Enables business or individuals to obtain product or money in exchange for a promise to pay later. |
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Definition
| Enable customers ti charge purchases during a month and pay the balance in full within 30 days after they are billed. |
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Definition
| Time payment plans, allow for payment over a period of time. |
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Definition
| The retailer determines the credit limit and payment terms. |
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Term
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Definition
| Allows for the payment of a purchased item over a certain time period without a finance charge. |
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Term
| Chapter 33- Entrepreneurial Concept Entrepreneurship |
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Definition
| The process of starting and operating your own business. |
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Definition
| Are people who create, launch, organize, and manage a new business and take the risk of business ownership. |
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Definition
| Is a legal agreement to sell a parent company's product or services in a designated geographic area. |
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Definition
| A business owned and operated by one person. |
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Definition
| Which means that a business owner's financial liability is not limited to investments in the business, but extents to his or her total ability to make payment. |
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Definition
| Is a legal agreement between 2 or more people to be jointly responsible for the success or failure of a business. |
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Term
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Definition
| Each partner shares in the profits and losses. |
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Term
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Definition
| Each limited partner is liable for any debts only up to the amount of his or her investment in the company. |
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Definition
| Is a legal entity created by either a state or a federal statute authorizing individuals to operate an enterprise. |
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Definition
| The ownership of a corporation is divided into shares of stocks. |
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Definition
| Means that the personal assets of the owner cannot be taken if the company does not meet its financial obligations or if it gets into legal trouble. |
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Definition
| One the is incorporated under the laws of a state that differs from the one in which it does business. |
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Term
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Definition
| Is a relatively new form of a business organization. |
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Term
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Definition
| Is the registration by which the country government officially recognizes that a new proprietorship or partnership exists. |
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Term
| Articles of Incorporation |
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Definition
| Identify the name and address of a new corporation, its purpose, the name of the initial directors, and the amount of stock that will be issued to each director. |
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