Accounting Fundamentals Certification (AFC) Practice Test 2025 – The Comprehensive All-in-One Guide to Exam Success!

Implied warranties are a legal concept that offers certain protections to consumers, primarily established through the sale of goods. The statement that they convey protection under law regardless of the seller's statement is accurate. Implied warranties arise from the nature of the transaction itself and the understanding that certain conditions exist; for instance, goods sold are generally expected to be of reasonable quality and fit for the purpose for which they were sold.

This concept underscores the idea that consumers have rights that are not dependent on a seller’s explicit statements. Even if a seller does not explicitly mention these warranties, they are still enforced by law. This means that if a product is found to be defective or not as described, consumers can rely on implied warranties for recourse, thus ensuring a level of consumer protection.

The other options fall short of capturing the essence of implied warranties. It is not necessary for them to be explicitly stated in writing; they arise automatically from the sale. They apply to both new and used goods, contrary to the assertion that they are only applicable to used items. Lastly, implied warranties indeed hold legal enforceability, contrary to the statement that they have no legal standing.