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The phrase caveat emptor and its use as a disclaimer of warranties arises from the fact that buyers typically have less information than the seller about the good or service they are purchasing. This quality of the situation is known as 'information asymmetry'. Defects in the good or service may be hidden from the buyer, and only known to the ...
But in most states, home sellers (and their agents) are required by law to disclose all "material facts" they know or should have known about the home to the buyer. Related Articles AOL
The mere failure to make inquiry, even though there be suspicious circumstances, does not constitute bad faith, unless said failure is due to the deliberate desire to evade knowledge because of a belief or fear that inquiry would disclose a vice or defect in the transaction, – that is to say, where there is an intentional closing of the eyes ...
If the seller has attempted to repair the defective product and failed, the action must be instituted within one year of the date of the last attempt to correct the defect. If the seller knew of the defect at the time of sale but sold the product anyway, the action is available for one year from the date the buyer discovered the defect.
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Lost volume seller is a legal term in the law of contracts. Such a seller is a special case in contract law.Ordinarily, a seller whose buyer breaches a contract and refuses to purchase the goods can recover from the breaching buyer only the difference between the contract price and the price for which the seller ultimately sells the goods to another buyer (plus, under some circumstances ...
Magnuson–Moss Warranty Act; Long title: An Act to provide disclosure standards for written consumer product warranties against defect or malfunction; to define Federal content standards for such warranties; to amend the Federal Trade Commission Act in order to improve its consumer protection activities; An Act to provide minimum disclosure standards for written consumer product warranties ...
If the manufacturer fails to supply these warnings, the law will consider the product itself to be defective. A lawsuit by a party injured by a product, where the manufacturer failed to properly warn, is usually brought as a "negligence" action, but it could be filed as a "strict liability" claim or as a "breach of warranty of merchantability ...