Identify components of a guarantee, a warranty, and a contract.
Identification of warranty and guarantee components should include
- privilege of return
- effective date
- terms of the warranty or guarantee.
Identification of contract components should include
- parties involved
- consideration
- effective date
- responsibilities of the contracting parties.
Process/Skill Questions:
- What is meant by a privilege of return?
- What are the four parts of a legal contract?
- Why is the effective date an important consideration?
- What are the differences between a guarantee and a warranty?
- How are contracts most commonly used in agricultural business?