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Today's Terms
Punitive Damages
Definition:
This term refers to damages awarded to a plaintiff over and above compensatory damages, designed to punish the defendant for particularly outrageous and malicious conduct, and to serve as a deterrent to others.
Warranties
Definition:
Fitness and merchantability The two most important warranties created by U.C.C. Article 2 are the warranty of merchantability (2-314) and the warranty of fitness for a particular purpose (2-315). The warranty of merchantability is a promise that the goods are fit for the ordinary purpose for which goods of that type are used.
Inadequate Warning
Definition:
Sometimes, a manufacturer doesn’t warn the user of a product’s hazards. Simply putting a warning in a little instruction book or label might not be enough. The warning must adequately inform the user of the hazards.
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