What is good merchantable quality?
Goods are of merchantable quality if they are as fit for the purpose or purposes for which goods of that kind are commonly bought and as durable as it is reasonable to expect having regard to any description applied to them, the price (if relevant) and all the other relevant circumstances.
What is merchantable condition?
According to the Probert Encyclopedia of Money, the ‘merchantable quality’ term refers to an implied condition regards about the state of goods which sold in the field of business. However, the goods are failed or unable to perform the purpose when they have been sold, they are considered as unmerchantable.
What is the difference between merchantable quality and fitness of purpose?
An implied warranty is an assurance that a product is fit for its intended purpose. The two key types of implied warranties are merchantability and fitness. Merchantability says that a product will meet reasonable expectations of the buyer, while fitness means the product meets the buyer’s intended use.
What does merchantable timber mean?
Merchantable Timber means timber of acceptable quality of species identified in the appraisal completed for Lender, which are in excess of 35 years of age and which can be harvested without violation of applicable laws and regulations.
What is merchantable quality law?
Merchantable quality means goods are as fit for the purpose or purposes for which goods of that kind are commonly bought as it is reasonable to expect having regard to any description applied to them, the price (if relevant) and all the other relevant circumstances.
What is the meaning of fit for purpose?
“Fit-for-purpose” is the very simple concept in which a product or service is adequate for the purpose for which the consumer selected the product.
What do you mean by merchantable condition of goods and whether it is condition or warranty?
The expression ‘merchantable quality’ means that the quality and condition of the goods must be such that a man of ordinary prudence would accept them as the goods of that description. Goods must be free from any latent or hidden defects.
What are the 3 types of implied warranties?
Under the implied category are three major subtypes: the implied warranty of merchantability (only given by merchants), the implied warranty of fitness for a particular purpose, and the implied warranty of title.
Can an express warranty be verbal?
An express warranty is one that is clearly stated (or “expressed”) either verbally or in writing, while an implied warranty automatically covers most consumer goods valued over a certain amount, but only provides a base level of protection for consumers.
What does good and merchantable title mean?
Good and Merchantable Title means title to a Property free and clear of all liens, encumbrances, covenants, conditions, restrictions, encroachments, impediments, easements and rights of redemption, and other rights and claims of a Borrower or third parties except for: Sample 1. Sample 2.
What is a merchantable product?
“Merchantable” is equivalent to “marketable” or “sellable.” Goods are merchantable when they are of reasonable quality within expected variations and are fit for sale in usual course of trade, at usual selling price.
What is meant by caveat Venditor?
Caveat Venditor is a Latin maxim meaning ‘let the seller beware’. The maxim fosters consumer welfare by making the seller, manufacturer, and service providers accountable for the quality of goods produced or services offered.
When do goods have to be of merchantable quality?
Merchantable quality: Where goods are bought by description from a seller who deals in goods of that description (whether he is in the manufacturer or producer or not), there is an implied condition that the goods shall be of merchantable quality.
Why was the defination of merchantable quality Act 1893?
This is because the extraction was sold under the ordinary description and it was of merchantable quality for the purpose of Sale of Goods Act 1893, although it was contaminated but the question is that whether the contaminated quality was merchantable quality being determined during the trial date.
What does it mean when goods are considered unmerchantable?
So, in general, it means that the goods that sold to the buyers are required to fit for the particular purpose to the extent that they were sold. However, the goods are failed or unable to perform the purpose when they have been sold, they are considered as unmerchantable. By referring to David Jones v.
What makes an article a ” merchantable ” item?
To be merchantable an article for sale must be usable for the purpose it is made. It must be of average worth (not necessarily special) in the marketplace and must not be broken, unworkable, damaged, contaminated or flawed. (See: sale) Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill.