Sam expressed an interest in buying a painting from Jasper, who claimed that the painting was a family heirloom. Jasper's asking price was $15,000, but Sam was only willing to offer $13,000. Jasper told him that it was a very old painting worth a fortune and that others would gladly pay $20,000 for it. He also told him that he was only selling it under its market value because he needed the money immediately. He then implied that Sam could sell it for a higher rate if he wanted. Sam decided to buy the painting for $15,000 on the condition that if he found that the painting was worth less than $15,000, Jasper would have to take the painting back and refund Sam. Which of the following warranties did this sales contract have?
A) an implied warranty of merchantability
B) an express warranty
C) a statement of opinion
D) an implied warranty of fitness

Question

Quizplus · Accepted Answer

This sales contract has an express warranty, as Jasper made a statement about the value of the painting, implying that it was worth $20,000 and could be sold for a higher rate. The condition that Jasper must take the painting back and refund Sam if it was found to be worth less than $15,000 also serves as an express warranty. The other options do not apply to this scenario, as there is no indication that the painting was sold for a particular purpose or that it did not meet industry standards. The statement about the painting's value was also not mere opinion but an assertion of fact, which makes it an express warranty.

Sam Expressed an Interest in Buying a Painting from Jasper