__ is an arrangement whereby businesses or individuals can obtain products or money in exchange for a promise to pay later.

__ is an arrangement whereby businesses or individuals can obtain products or money in exchange for a promise to pay later.

Answer: credit

___ are normally used for large purchases and require a down payment and a separate contract for each purchase.

___ are normally used for large purchases and require a down payment and a separate contract for each purchase.

Answer: installment accounts

With ___ a minimum payment is usually a certain percentage on the balance owed or a minimum dollar amount.

With ___ a minimum payment is usually a certain percentage on the balance owed or a minimum dollar amount.

Answer: revolving accounts

Under ___ the customer is not required to pay an interest charge as long as the amount owed is paid within the interest free time period.

Under ___ the customer is not required to pay an interest charge as long as the amount owed is paid within the interest free time period.

Answer: budget accounts

A(n) ___ for a particular purpose arises when a seller advises a customer that a product is suitable for a particular use.

A(n) ___ for a particular purpose arises when a seller advises a customer that a product is suitable for a particular use.

Answer: warranty of fitness

A guarantee is another word for a ___.

A guarantee is another word for a ___.

Answer: warranty

Under ___ accounts there is no credit charge if the bill is paid on time.

Under ___ accounts there is no credit charge if the bill is paid on time.

Answer: regular, or 30-day

A(n)___ is often used to limit damages that can be recovered by a customer.

A(n)___ is often used to limit damages that can be recovered by a customer.

Answer: disclaimer

It is not uncommon for a(n) ___ to specify that the manufacturer will pay for replacement parts but charge the customer for labor or shipping.

It is not uncommon for a(n) ___ to specify that the manufacturer will pay for replacement parts but charge the customer for labor or shipping.

Answer: limited warranty

A promise from a seller that a product which is sold is fit for its intended purpose is an example of a(n) ___.

A promise from a seller that a product which is sold is fit for its intended purpose is an example of a(n) ___.

Answer: warranty of merchant ability

A(n) ___ is one that is explicitly stated, in either writing or spoken words, to induce a customer to buy.

A(n) ___ is one that is explicitly stated, in either writing or spoken words, to induce a customer to buy.

Answer: express warranty

A warranty that exists automatically by state law whenever a purchase takes place is called a(n) ___.

A warranty that exists automatically by state law whenever a purchase takes place is called a(n) ___.

Answer: implied warranty

Under a(n) ___ , if a product is found to be defective within the warranty period, it will be repaired or replaced at no cost to the purchaser.

Under a(n) ___ , if a product is found to be defective within the warranty period, it will be repaired or replaced at no cost to the purchaser.

Answer: full warranty