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design defect
A defect that is found in all products of a particular design and renders them dangerous..
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express warranty
Any description of a good’s physical nature or its use, either in general or specific circumstances, that becomes part of a contract.
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fails to provide adequate warnings
A defect in which the product is not labeled to indicate that it can be dangerous.
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implied warranty of merchantability
An assurance, inferred in every sale unless clearly disclaimed, that merchantable goods will conform to a reasonable performance expectation. The purchaser must have purchased or leased the good from a merchant.
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implied warranty of fitness for a particular purpose
An assurance, inferred in any UCC sale, that when a seller/ lessor knows or has reason to know (1) why the buyer/lessee is purchasing/leasing the goods and (2) that the buyer/ lessee is relying on him or her to make the selection, the buyer/ lessee has an enforceable warranty if such assurance is false.
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manufacturing defect
A defect in an individual product that makes the product more dangerous than other, identical products.
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market share theory
A firm’s fractional share of the relevant market.
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strict product liability
Under this, courts may hold the manufacturer, distributor, or retailer liable for any reasonably foreseeable injured party.
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warranty
(1) An assurance, either express or implied, by one party that the other party can rely on its representations of fact. (2) In sales, a binding promise regarding a product in the event that the product does not meet the manufacturer’s or seller’s promises.
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