Title: Explain a guarantee, a warranty, and a contract.
Course: Agricultural Business Operations II (18201-36) > Section: Using Business Laws in Agribusiness

Explanation of a warranty and guarantee should include

- privilege of return
- effective date
- terms of the warranty or guarantee.

Explanation of contract components should include

- parties involved
- consideration
- effective date
- responsibilities 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 agribusinesses?