Final answer:
The statement that a warranty requires a particular form of words is false. Warranties can be express or implied, cover various time frames, and include statements in a policy related to the insured. No specific wording is needed to create a warranty.
Step-by-step explanation:
All of the following are TRUE regarding a warranty EXCEPT a particular form of words is necessary to create a warranty. A warranty can be either express or implied. An express warranty is a clear, explicit promise made by the seller to the buyer, which may be oral or written.
On the other hand, an implied warranty is an unwritten and unspoken guarantee, assumed by the customer, that the good or service will fulfill the expected requirement.
Furthermore, a warranty can cover various aspects of the good or service by referring to the past, present, or future conditions. Lastly, any statement made in a policy that is related to the person or item insured or the insured risk is considered a warranty, which assures that those statements are true and will be upheld.
Thus, the option stating that a particular form of words is necessary to create a warranty is not true, as warranties do not require a specific set of words to be considered valid and enforceable.