What is the difference between condition and warranty?

A warranty is not as important as a condition. A breach of a warranty will not render the contract impossible to perform, as breach of a condition might. As such the breach of a warranty entitles the innocent party to damages only.

What are the differences between condition and warranties?

What is an example of condition and warranty?

How do you know if a term is a condition or warranty?

How is a contract of sale made?

(2) Subject to the provisions of any law for the time being in force, a contract of sale may be made in writing or by word of mouth, or partly in writing and partly by word of mouth or may be implied from the conduct of the parties.

What is the difference between sale and agreement to sell?

In sale, the title of goods transfers to the buyer with the transfer of goods. In an agreement to sell, the title of goods remains with the seller as there is no transfer of goods.

What are the vitiating factors of a contract?

Vitiating factors in a contract are those factors the existence of (any of) which will cripple or invalidate the contract. The vitiating elements to be considered are mistake, misrepresentation, duress, undue influence and illegality.

What is misrepresentation in contract law?

Misrepresentation is about giving of inaccurate information by one party (or their agent) to the other before the contract is made which induces them to make the contract. If a person makes a contract in reliance on misrepresentation and has to face loss as a result, they can revoke the contract or claim damages.

What are the types of goods in business law?

There are three main types of goods: existing goods, future goods, and contingent goods.

What is difference between condition and warranty?

A condition is an obligation which requires being fulfilled before another proposition takes place. A warranty is a surety given by the seller regarding the state of the product.

How is an offer made?

To form a contract, there must be an offer by one party, an acceptance by another party, and an exchange of consideration (something of value). The person who proposes the terms of an agreement makes an offer, and is called an “offeror” in contract law.

How is an agency created?

An agency is created by express appointment when the principal appoints the agent by express agreement with the agent. This express agreement may be an oral or written agreement between the principal and the agent.

What is misrepresentation law?

misrepresentation, in law, any representation by words or other means made by one person to another that, under the circumstances, amounts to an assertion not in accordance with the facts.

What can make a contract void?

A contract may be rendered voidable if: Any party was under duress, undue influence, or was being intimidated, coerced, or threatened when entering into the agreement; Any party was mentally incompetent (i.e., mentally ill, below the age of majority, etc.)

What do you mean by undue influence?

— (1) A contract is said to be induced by “undue influence” where the relations subsisting between the parties are such that one of the parties is in a position to dominate the will of the other and uses that position to obtain an unfair advantage over the other.

Who is an agent in business law?

—An ‘agent’ is a person employed to do any act for another, or to represent another in dealings with third person. The person for whom such act is done, or who is so represented, is called the ‘principal’.

What is voidable contract in business law?

A voidable contract is a formal agreement between two parties that may be rendered unenforceable for any number of legal reasons, which may include: Failure by one or both parties to disclose a material fact. A mistake, misrepresentation, or fraud. Undue influence or duress.

What are the elements of a contract?

The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.

What is a consideration in a contract?

Consideration is a promise, performance, or forbearance bargained by a promisor in exchange for their promise. Consideration is the main element of a contract. Without consideration by both parties, a contract cannot be enforceable.

What are the 4 types of agents?

What are the rights of an agent?

There are several rights and duties that an agent has. Some of the rights are- right to remuneration, right to indemnity, right of retainer, right to lien, and right to compensation.