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A warranty is a term of a contract, but not usually a condition of the contract or an innominate term, meaning that it is a term "not going to the root of the contract", [6] and therefore only entitles the innocent party to damages if it is breached, [6] i.e. if the warranty is not true or the defaulting party does not perform the contract in ...
An implied warranty of habitability, generally, is a warranty implied by law (in some states) that by leasing or buying a residential property, the lessor or seller is promising that the property is suitable to be lived in. [10] The doctrine is intended as a protection for tenants in a less advantageous bargaining position than the landlord.
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An extended warranty, sometimes called a service agreement, a service contract, or a maintenance agreement, is a prolonged warranty offered to consumers in addition to the standard warranty on new items. The extended warranty may be offered by the warranty administrator, the retailer or the manufacturer.
The Magnuson–Moss Warranty Act (P.L. 93-637) is a United States federal law (15 U.S.C. § 2301 et seq.). Enacted in 1975, the federal statute governs warranties on consumer products. The law does not require any product to have a warranty (it may be sold "as is"), but if it does have a warranty, the warranty must comply with this law.
For an express warranty to exist between a seller and a buyer, the following must occur. [2]First, a statement must be made. This statement could be made by making a promise with the buyer about the product/service being offered, giving the buyer a description of the product/service being offered, or by providing the buyer with a sample of the product/service being offered. [2]
Warranty claims are important for consumers because they help mitigate the cost of repairs due to manufacturing defects or other covered issues. [4] For manufacturers, managing warranty claims efficiently is crucial for customer satisfaction and maintaining brand reputation. [citation needed] Filing an automotive warranty claims can be very ...
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent [1] to transfer of goods, services, money, or promise to transfer any of those at a future date.
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