Sam expressed interest in buying a painting from Jasper, whose asking price was $15,000. Sam was only willing to offer $13,000. Jasper told him that it was a very old painting worth a fortune and that others would gladly pay $20,000 for it. Sam decided to buy the painting for $15,000 on the condition that if he found that the painting was worth less than $15,000, Jasper would have to take the painting back and refund Sam. Which of the following warranties did this sales contract have?

A. an express warranty
B. an implied warranty of merchantability
C. an oral contract
D. a statement of opinion

Question

26-07-2019
Business

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Sam expressed interest in buying a painting from Jasper, whose asking price was $15,000. Sam was only willing to offer $13,000. Jasper told him that it was a very old painting worth a fortune and that others would gladly pay $20,000 for it. Sam decided to buy the painting for $15,000 on the condition that if he found that the painting was worth less than $15,000, Jasper would have to take the painting back and refund Sam. Which of the following warranties did this sales contract have?

A. an express warranty
B. an implied warranty of merchantability
C. an oral contract
D. a statement of opinion

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isyllus isyllus · Answer 1 · 2019-08-01T11:42:58+02:00

Answer: A statement of opinion is the warranty that was associated with this contract.

Here, it is important to ponder upon the fact that Sam decided to buy the painting for $15,000 on the condition that if he found that the painting was worth less than $15,000, Jasper would have to take the painting back and refund Sam.

This indeed makes Sam's purchase validated with a warranty that is known as a statement of opinion. Although , it should be duly noted that the opinion does not make significant impact on the purchase.