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Breach of a condition will entitle the innocent party to terminate the contract. [3] A warranty [4] is less imperative than a condition, so the contract will survive a breach. Breach of either a condition or a warranty will give rise to damages. It is an objective matter of fact whether a term goes to the root of a contract.
Not all terms are stated expressly and some terms carry less legal gravity as they are peripheral to the objectives of the contract. 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 term is a condition (rather than an intermediate or innominate term, or a warranty), in any of the following five situations: (1) statute explicitly classifies the term in this way; (2) there is a binding judicial decision supporting this classification of a particular term as a "condition"; (3) a term is described in the contract as a ...
Conditions subsequent can be explicitly stated in the language of a contract, or implied by the nature of an agreement. [3] Implicit conditions subsequent often apply in the case of retail transactions, like point of sale purchases. [3] In property law, a condition subsequent is an event which terminates a party's interest in a property. [6]
Contract law regulates the obligations established by agreement, whether express or implied, between private parties in the United States. The law of contracts varies from state to state; there is nationwide federal contract law in certain areas, such as contracts entered into pursuant to Federal Reclamation Law.
A construction contract is a mutual or legally binding agreement between two parties based on policies and conditions recorded in document form. The two parties involved are one or more property owners and one or more contractors .
A standard form contract (sometimes referred to as a contract of adhesion, a leonine contract, [a] a take-it-or-leave-it contract, or a boilerplate contract) is a contract between two parties, where the terms and conditions of the contract are set by one of the parties, and the other party has little or no ability to negotiate more favorable terms and is thus placed in a "take it or leave it ...
[17] A breach of contract will likely constitute a material breach if the term of the contract which has been breached is a condition of the contract. A variety of tests may be applied to terms of contracts to decide whether a term is a warranty or a condition of the contract.
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