Refers to the selling conditions of certain merchandise. Buyer typically assumes all risks in purchasing such goods and that merchandise is sold with no guarantees or returns.

The current state of a process; how something is currently performed.

As-is is a term used in warranty law to disclaim the seller's liability for faults in the item sold. The buyer accepts the item in the present condition, whether the faults are apparent or not. & [..]

When you see this on a car, know that the car is sold exactly as it is, usually (according to Autobytel) without a warranty. Any issues that come up with an ‘as-is’ car are the buyer’s responsibility.