and generally measurable, such as area, hardness, smoothness, shape, color, weight, volume, etc. See also functional characteristics. Packaging The wrapping material around a consumer item that serves to contain, identify, describe, protect, display, promote and otherwise make the product marketable and keep it clean Product warranty if the product is damaged or defective, companies offering a full warranty must repair or replace it within a reasonable time. A limited warranty works similarly, but with greater restrictions. A limited warranty might cover only specific parts or certain types of defects. Seller reputation is an important asset because buyers often chooses sellers on the basis of their reputation. ... We introduce a unifying framework that embeds a number of different approaches to seller reputation, incorporating both hidden information and hidden action.