BMGT 380 Lecture Notes - Lecture 24: Implied Warranty, Damages, Punitive Damages

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 380
• Professor: Gideon Mark

Document Summary

Statute of limitations: how long can you wait to sue, warranty theories: 4 years from point of sale, tort theories (negligence and strict liability): more variability between states. Chapter 20 (continued: lesser amount of time, depending on the state: 2 or 3 years, running from point of injury not from point of sale. The stove exploded while the neighbor is over. In old days friend could not sue because of privity of contract. If something goes wrong, we are not held liable: remedy limitation: you the seller don"t try to avoid liability, but you try to limit damages someone can get, limit exposure to damages. Is it effective with regards to an express warranty theory: no. Impossible for a seller to avoid liability if you have expressly warranted something. Is it effective with regards to implied warranties: yes. If your disclaimer specifically uses the word merchantable.