Creation of warranty and guarantee should include
- privilege of return
- effective date
- terms of the warranty or guarantee.
Creation should include identification of contract components
- parties involved
- consideration
- effective date
- consideration of the contracting parties.
Process/Skill Questions:
- What is meant by a privilege of return?
- What are the four parts of a legal contract?
- Why is the effective date an important consideration?
- What are the differences between a guarantee and a warranty?
- How are contracts most commonly used in agribusiness?