Which of the following is needed in order for the implied warranty of merchantability to be applied?

Multiple Choice

• Both parties must be merchants, and either a sale or lease must be involved.
• A seller or lessor must be a merchant, and either a sale or lease must be involved.
• The seller must be a merchant, goods valued at over $500 must be involved, and either a sale or lease must be involved.
• The seller must be a merchant, and a sale must be involved.
• Both parties must be merchants, and a sale must be involved.