commercial activities

Extended Warranty Contracts

Warranty coverage on an item that kicks in after the warranty coverage provided by the manufacturer or seller expires. Many consumers are encouraged to buy extended warranties (also called service contracts) when they buy cars or appliances. In the case of appliances and electronic equipment, extended warranties are all profit for the seller and not much benefit to the buyer because only a small percentage of these goods ever break down during an extended warranty period. An extended warranty may make sense, however, if you are buying a brand new model in the first few months after it has been manufactured.

Execute

1) To finish, carry out, or perform as required, as in fulfilling one's obligations under a contract, plan, or court order. 2) To complete and otherwise make valid a document, such as a will, deed, or contract, for example by signing it and having it notarized. 3) To put someone to death pursuant to a court-rendered sentence (capital punishment). 4) To murder or assassinate.

Exclusive License

A written contract in which the owner of a patent, copyright, trademark, or trade secret authorizes, for a limited time, someone (the licensee) to exclusively exercise one or more of the rights. For example, the copyright owner of a comic book may exclusively license the video game rights to a game company. Once a license terminates, the owner regains the rights. Compare: assignment

Electronic Signature

A paperless method of entering into an electronic contract. Under the Electronic Signatures Act, enacted in 2000, electronic contracts (with a few exceptions) are as enforceable as those executed on paper. The law does not specify an approved method of signing electronic agreements and various methods have been improvised including clicking an "I Accept" button, typing "Yes," typing in a name, or using a "key" to encrypt (scramble) information that uniquely identifies the signer.

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