Asked by Katelynd Hayward on Jun 04, 2024
Verified
a. What is the Magnuson-Moss Warranty Act? What is its purpose?
b. What is a statute of repose? Why have some states adopted such statutes?
Magnuson-Moss Warranty Act
A federal law in the United States that governs warranties on consumer products, aiming to protect consumers from deceptive warranty practices.
Statute Of Repose
A legal provision that limits the time within which an action can be brought, but unlike statutes of limitations, it is not tied to the discovery of harm but rather to the occurrence of a specific event, typically related to the completion of some act or process.
- Explain the purpose of the Magnuson-Moss Warranty Act and statutes of repose.
Verified Answer
b. A statute of repose is an enactment to limit the time period for which a manufacturer is liable for injury caused by its product. After the statutory time period has elapsed, a manufacturer ceases to be liable for harm caused by its defective products. The time period generally ranges from six to twelve years. The statutes eliminate for businesses some financial uncertainties and burdens of defending lawsuits perpetually.
Learning Objectives
- Explain the purpose of the Magnuson-Moss Warranty Act and statutes of repose.
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