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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 ...
Navigating the difference between a home warranty and home insurance can be intricate. A home warranty, distinct from homeowners insurance, focuses primarily on the wear and tear of appliances and ...
A warranty deed is a type of deed where the grantor (seller) guarantees that they hold clear title to a piece of real estate and has a right to sell it to the grantee (buyer), in contrast to a quitclaim deed, where the seller does not guarantee that they hold title to a piece of real estate.
In financial transactions, a warrant is a written order by one person that instructs or authorises another person to pay a specified recipient a specific amount of money or supply goods at a specific date. [1]
A warranty doesn’t cover windows, doors, floors or other structural features. Nor does it cover smaller or freestanding appliances, like countertop ovens or trash compactors.
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.
Often, however, the basic differences between them is the degree to which the grantor warrants the title. The grantor may give a general warranty of title against any claims, or the warranty may be limited to only claims which occurred after the grantor obtained the real estate. The latter type of deed is usually known as a special warranty deed.
The distinction between indemnity and damages is subtle and may be differentiated by considering the roots of the law of obligations: how can money be paid if the defendant is not at fault? The contract before rescission is voidable but not void, so, for a period of time, there is a legal contract. During that time, both parties have legal ...
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