What is condition and warranty with example?
A condition is a stipulation essential to the main purpose of the contract, the breach of which gives the right to repudiate the contract and to claim damages. (Sec 12 (2)). We can understand this with the help of the following example: Say ‘X’ wants to purchase a car from ‘Y’, which can have a mileage of 20 km/lt.
What is an example of a condition in contract law?
A condition that must be satisfied before, or precedent, to the obligation of the performing duty to act. An example of this condition in contract law would be that I don’t have to pay someone to shovel snow from my driveway until it has snowed and the party has shoveled the snow.
What is warranties and conditions in the law of contract?
Terms of contract conditions and warranties are used to designate the responsibilities of the parties involved in the agreement. They are set out in a contract in order to determine remedies in a case of a breach of obligations on the part of either party.
What is an example of a warranty?
When you buy a TV and you have a written promise that it will be repaired for free if it breaks within the first year, this is an example of a warranty.
What is a condition contract law?
Related Content. A term of a contract which is of such vital importance that it goes to the root of the transaction; essentially it is a major term of the contract. Breach of a condition gives rise to the claimant’s right to terminate the contract (treat the contract as discharged) and claim damages for any loss.
What is a warranty contract law?
A warranty is a contractual assurance from a seller to a buyer. It is a subsidiary or collateral provision to the main purpose of the agreement: the sale itself. A breach of warranty claim is an action for breach of contract and is subject to the normal legal requirements of proving loss.
What is a condition in a contract law?
A term of a contract which is of such vital importance that it goes to the root of the transaction; essentially it is a major term of the contract. Breach of a condition gives rise to the claimant’s right to terminate the contract (treat the contract as discharged) and claim damages for any loss.
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 a contract 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 is a example of full warranty?
A full warranty is a type of guarantee that is usually given on a consumer product, such as a washing machine, car, piano, or computer.
What is warranty condition?
Condition. Warranty. Meaning. A requirement or event that should be performed before the completion of another action, is known as Condition. A warranty is an assurance given by the seller to the buyer about the state of the product, that the prescribed facts are genuine.
What is warranty and condition in contract law?
Terms Classified by Statute Warranty and condition in contract law refer to specific stipulations set in a contract of sale. A contract is an agreement that takes place between two parties to complete a mutual transaction. Warranty and condition include the specific features of those terms.
Which is an example of a condition in a contract?
For instance, a condition in a contract for a sale of goods might include the terms that the successful completion of a contract relies upon an agreed upon delivery date of the goods. In order to fulfill the terms of that contract, the seller will only receive compensation for their goods if the buyer receives those goods by that set date.
When to waive a condition in a contract of sale?
(1) Where a contract of sale is subject to any condition to be fulfilled by the seller the buyer may waive the condition or elect to treat the breach of the condition as a breach of warranty and not as a ground for treating the contract as repudiated.
When is an innominate term a condition or warranty?
An innominate term or intermediate term, is a term that is not clearly defined, but the severity of the consequently breach will determine whether it is a condition or warranty. [ 6] The term remains unclassified until the seriousness of a breach can be judged. [ 7]