What is contract warranty?
A warranty is a term of the contract, a breach of which gives the innocent party the right to claim damages but not to treat the contract as repudiated. Damages for breach of warranty are calculated on a contractual basis and aim to put the claimant in the position he would have been in had the warranties been true.
What is a warranty legal definition?
In general, a warranty is a promise, assurance, or statement made by the warrantor regarding the existence or accuracy of specific facts or the condition, quality, quantity, or nature of a good or property. There are express and implied warranties, both of which are legally binding commitments.
What type of contract is a warranty?
A warranty is a legally binding commitment forming part of the sales contract which assures the buyer that the product or service is free from defects. A warranty often provides for a specific remedy such as repair or replacement in the event the article or service fails to meet the warranty.
What are the 4 types of warranties?
Four common types of warranties are the express warranty, implied warranty, extended warranty, and special warranty deed. An expressed warranty guarantees that a product will meet certain conditions of quality and performance.
What is the legal definition of warranty?
In legal terms, a warranty is an assurance from the manufacturer of a product to the purchaser that the product will meet certain specifications.
A warranty in contract law is a promise or guarantee from one party to another that the facts are true and reliable. A contractual warranty is a obligation that the facts that relate to the subject of the contract are true. In the case that those facts ever become untrue, the warranty is also a protection to…
What is a warranty law?
This article discusses warranty laws by state. A warranty is a seller’s acknowledgement of liability for the condition and performance of a product. If a defective product is sold, a seller or manufacturer may legally be required to replace, repair, and/or buy back the product. However, each seller may limit their liability in a warranty.
What is a warranty term?
A warranty is a term of a contract. Depending on the terms of the contract a product warranty may run with a product so that a manufacturer makes the warranty to a consumer with which the manufacturer has no direct contractual relationship. A warranty may be express or implied.