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If the basic terms are agreed upon by both parties, a recap telex that recaps the terms discussed will be exchanged, subject to details to be agreed later. With the recap telex, both parties can further discuss and bargain the main terms of the contracts. After all the details are agreed through numerous communications, a formal contract for ...
A peculiarity of marine insurance, and insurance law generally, is the use of the terms condition and warranty. In English law, a condition typically describes a part of the contract that is fundamental to the performance of that contract, and, if breached, the non-breaching party is entitled not only to claim damages but to terminate the ...
Under Section 39 of the Marine Insurance Act 1906, in a voyage policy there is an implied warranty that the vessel is "reasonably seaworthy in all respects": S. 39 (1) In a voyage policy there is an implied warranty that at the commencement of the voyage the ship shall be seaworthy for the purpose of the particular adventure insured.
The wharf owners, in their defense, claimed that there were no provisions in the contract to ensure the vessel's safety and that they could not have foreseen the damage caused to the vessel. The issue before the Court was whether there can be any implied warranty given the circumstances. The trial court found that there was an implied warranty.
The FTC has enacted regulations governing the disclosure of written consumer product warranty terms and conditions on consumer products actually costing the consumer more than $15. The Rules can be found at 16 C.F.R. Part 701. Under the terms of the Act, ambiguous statements in a warranty are construed against the drafter of the warranty.
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Condition or Warranty. [2] Conditions are terms which go to the very root of a contract. Breach of these terms repudiate the contract, allowing the other party to discharge the contract. A warranty is not so imperative so the contract will subsist after a breach. Breach of either will give rise to damages.
An acceptance is an agreement, by express act or implied from conduct, to the terms of an offer, including the prescribed manner of acceptance, so that an enforceable contract is formed. [ 2 ] In what is known as a battle of the forms , when the process of offer and acceptance is not followed, it is still possible to have an enforceable ...