A seller's or lessor's express or implied assurance to a buyer or lessee that the goods sold or leased meet certain quality standards is called a warranty.

Question

Quizplus · Accepted Answer

This statement is true. A warranty is a guarantee made by the seller or lessor that the goods being sold or leased meet a certain level of quality or performance. It can be expressed (written or spoken) or implied (based on the circumstances of the sale or lease).

A Seller's or Lessor's Express or Implied Assurance to a Buyer