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Term of the Day: Warranty

Warrantyn

pl:

-ties
[modification (influenced by warrant) of Anglo-French garantie, from garantir to protect, warrant]
1 : a promise in a deed that gives the grantee of an estate recourse (as through an action for damages) against the grantor and the grantor's heirs in case the grantee is evicted by someone holding a paramount title called also covenant of warranty see also special warranty deed and warranty deed at deed
2 a : a promise in a contract (as for a sale or lease) which states that the subject of the contract is as represented (as in being free from defective workmanship) and which gives the warrantee recourse against the warrantor [a against defects is implied by the sale] see also breach of warranty at breach compare caveat emptor NOTE: A warranty was originally considered to extend only to those parties having privity of contract (as the manufacturer and dealer of an automobile), but cases have held that a warranty also extends to the final consumer who does not contract directly with the manufacturer. Both express and implied warranties may be modified, limited, or even waived by agreement of the parties. Breach of a warranty generally does not constitute breach of the entire contract.

express warranty
: a warranty that is created in a contract by a statement of fact (as a description) which is made about the object of the contract and which forms a basis of the bargain

implied warranty
: a warranty that is not expressly stated but that is recognized or imposed by the law based on the nature of the transaction

warranty of fit┬Ěness
: a usually implied warranty that the property being sold is fit for the purpose for which the buyer is purchasing it NOTE: Under the Uniform Commercial Code, a seller must know the purpose for which goods are being bought and that the buyer is relying on the seller's skill or judgment in order for a warranty of fitness to be implied.

warranty of habitability
: a usually implied warranty in a residential lease that the leased premises will be habitable NOTE: If a landlord breaches a warranty of habitability, a tenant may have such remedies as terminating the tenancy, recovering damages, or withholding rent. The warranty is based in many jurisdictions either on case law or statute.

warranty of merchantability
: a usually implied warranty that the property being sold is merchantable (as by being of a quality that is generally acceptable in that line of trade) NOTE: Under the U.C.C., a warranty of merchantability is not implied unless the seller is a merchant with respect to the goods sold.
b : a usually written guarantee of the integrity of a consumer product and of the maker's responsibility for the repair or replacement of defective parts see also Consumer Product Safety Act in the Important Laws section
3 : a statement made in an insurance policy by the insured that a fact relating to the subject of the insurance or the risk exists or will exist or that some related act has been done or will be done compare representation NOTE: A warranty in an insurance policy must be true or be fulfilled in order for the policy to be valid.

affirmative warranty
: a warranty stating that a fact or condition is currently true

promissory warranty
: a warranty stating that a fact or condition is and will remain true



Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.

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