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Simple English definitions for legal terms

Merchantable

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A quick definition of Merchantable:

Merchantable: When something is merchantable, it means that it can be sold in a store or market. It doesn't have to be the best quality, but it should be good enough to be used for its normal purpose. If something is sold with a warranty of merchantability, it means that the seller promises that the item is fit to be sold and used as intended. There are certain standards that goods must meet to be considered merchantable, such as being of fair quality and properly labeled.

A more thorough explanation:

Definition: “Merchantable” means that goods are of reasonable quality within expected variations and are fit for sale in the usual course of trade, at the usual selling price. Merchantable goods need not be outstanding or superior quality, they need only be fit for the ordinary purpose for which they are used.

For example, if you buy a new phone, it should be merchantable, meaning it should work properly and be fit for sale at the usual selling price. However, if you buy a used phone that is sold "as is" or "with all faults," it may not be merchantable.

There exists an implied warranty of merchantability for all items sold, unless there is some sort of disclaimer with language stipulating the item is being sold “as is” or “with all faults.” This is not to be confused with the similar but distinct implied warranty of fitness, which exists to ensure that an item requested for a particular purpose by a buyer and supplied by the seller is usable for that purpose.

Under UCC Section 2-314, for goods to be merchantable, they must be at least such as:

  • Pass without objection in the trade under the contract description
  • In the case of fungible goods, are of fair average quality within the description
  • Are fit for the ordinary purposes for which such goods are used
  • Run, within the variations permitted by the agreement, of an even kind, quality within each unit and among all units involved
  • Are adequately contained, packaged and labeled as the agreement may require
  • Conform to the promise or affirmations of fact made on the container or label if any

Overall, merchantable goods are those that are fit for sale and meet certain quality standards. This ensures that consumers are getting what they paid for and that the goods are suitable for their intended use.

Mercantile Law | Mercy Killing

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OvertReconditeSpider
18:20
If that person doesnt have 10k however, could be outta luck
yeah i think it comes down to literally not having 10k to blow
OvertReconditeSpider
18:20
Oof
OvertReconditeSpider
18:20
Skill issue
OvertReconditeSpider
18:21
Jk even if i had it. I wouldnt spend 10k just to get out of a lease to switch schools
MightyUnableSphinx
18:29
@menherachan: You should say that to GULC
MightyUnableSphinx
18:30
I mean fuck it right. Like, maybe they can help somehow. Probably they can't but if the alternative is "i dont go to gulc" who cares
MightyUnableSphinx
18:30
Idk I doubt they can give you 10k cash, lmao, but who knows!
Others will disagree, but max out a credit card if you have to do so.
It's 10K. Not 100K.
OvertReconditeSpider
19:29
10K at 21.51% interest. Lol
19:47
Yeah I would definitely disagree. Without family help when could they realistically pay that off?
20:18
If someone can live below the student budget at GULC loans could cover an extra $10K, but Grad PLUS loans still amount to $2 in repayment for every $1 borrowed on a 10-year plan at current interest rates. Not a choice to make lightly.
OvertReconditeSpider
20:19
^
OvertReconditeSpider
20:19
The rates on the stafford loans are garbage too
manifestmoreadmissions
21:59
yeah its not the worst decision and im sure you could find solutions to any problems it might create but idk if it's like a no-brainer
MightyUnableSphinx
0:11
Apply for new credit card w/ 12 month 0% APR intro offer -> Max out card to 10k to get out of lease -> Go to GULC
MightyUnableSphinx
0:11
You now have 12mths to pay back 10k with no interest
MightyUnableSphinx
0:14
If you have decent credit history/credit score i bet the starting balance will be like 15-25k
MightyUnableSphinx
0:14
im actually cooking right now wtf this advice is so good. do not blow up your plan in life because of a fkn lease agreement
1:39
Excuse me everyone. Sorry. I'm planning to take lsat but I see so many different types of textbooks and categories on the market, which books should I start with for a rookie like me? Thanks a lot!
loophole
for LR
1:42
Sincere thanks, with my respect :)
power score bible for logic games
@Coolperson49494: yeah but i physically cant get 10k in less than a month :(
it would take me like 6 months to get 10k
i agree that gulc is worth it for me, but i just do not have the means of upending all my plans and moving to dc
@MightyUnableSphinx: i cant pay back 10k with no job, and i'm already 5k in debt. i just do not have the means to attend gulc 😭😭
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