Introductory Business Law CLEP Prep Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Introductory Business Law CLEP Exam with our comprehensive quiz, designed to cover essential legal concepts and practices. Study effectively and boost your chances of success!

Start Multiple Choice Practice Test
Start Flash Cards

Practice this question and more.

What is a warranty?

  1. An agreement between two parties to exchange goods or services

  2. A guarantee of safety for a product

  3. A guarantee of performance for a product

  4. An agreement between a company and a customer to purchase a product

The correct answer is: A guarantee of performance for a product

A warranty is a guarantee of performance for a product, meaning that the product will function as promised for a certain period of time. Option A is incorrect because it describes a general agreement between two parties, which may or may not involve goods or services. Option B is incorrect because a warranty does not necessarily ensure safety, but rather the proper functioning of a product. Option D is incorrect because a warranty does not involve the purchasing process, rather it is a guarantee after the purchase has been made.

More Questions Like This