- warranty
-
war·ran·ty /'wȯr-ən-tē, 'wär-/ n pl -ties [modification (influenced by warrant ) of Anglo-French garantie, from garantir to protect, warrant]1: a promise in a deed that gives the grantee of an estate recourse (as through an action for damages) against the grantor and the grantor's heirs in case the grantee is evicted by someone holding a paramount title – called also covenant of warranty; see also special warranty deed and warranty deed at deed2 a: a promise in a contract (as for a sale or lease) which states that the subject of the contract is as represented (as in being free from defective workmanship) and which gives the warrantee recourse against the warrantora warranty against defects is implied by the sale see also breach of warranty at breach 1a compare caveat emptor◇ A warranty was originally considered to extend only to those parties having privity of contract (as the manufacturer and dealer of an automobile), but cases have held that a warranty also extends to the final consumer who does not contract directly with the manufacturer. Both express and implied warranties may be modified, limited, or even waived by agreement of the parties. Breach of a warranty generally does not constitute breach of the entire contract.express warranty: a warranty that is created in a contract by a statement of fact (as a description) which is made about the object of the contract and which forms a basis of the bargainimplied warranty: a warranty that is not expressly stated but that is recognized or imposed by the law based on the nature of the transactionwarranty of fit·ness: a usu. implied warranty that the property being sold is fit for the purpose for which the buyer is purchasing it◇ Under the Uniform Commercial Code, a seller must know the purpose for which goods are being bought and that the buyer is relying on the seller's skill or judgment in order for a warranty of fitness to be implied.warranty of habitability: a usu. implied warranty in a residential lease that the leased premises will be habitable◇ If a landlord breaches a warranty of habitability, a tenant may have such remedies as terminating the tenancy, recovering damages, or withholding rent. The warranty is based in many jurisdictions either on case law or statute.warranty of merchantability: a usu. implied warranty that the property being sold is merchantable (as by being of a quality that is generally acceptable in that line of trade)◇ Under the U.C.C., a warranty of merchantability is not implied unless the seller is a merchant with respect to the goods sold.b: a usu. written guarantee of the integrity of a consumer product and of the maker's responsibility for the repair or replacement of defective parts see also consumer product safety act in the important laws section3: a statement made in an insurance policy by the insured that a fact relating to the subject of the insurance or the risk exists or will exist or that some related act has been done or will be done compare representation◇ A warranty in an insurance policy must be true or be fulfilled in order for the policy to be valid.affirmative warranty: a warranty stating that a fact or condition is currently truepromissory warranty: a warranty stating that a fact or condition is and will remain true
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
- warranty
-
I
noun
assurance, certificate, contractual assurance, contractual promise, contractual representation, covenant, guarantee, guaranty, pledge, promise, satisdatio, voucher
associated concepts: affirmative warranty, breach of warranty, disclaimer of warranty, express warranty, implied warranty, limited warranty, material warranty, prospective warranty, warranty deed, warranty of fitness, warranty of merchantability, warranty of title
foreign phrases:
- Ea quae, commendandi causa, in venditionibus dicuntur, si palam appareant, venditorem non obiigant — Those things which are said as praise of the things sold, if they are openly apparent do not bind the seller.II index assurance, bond, certainty, consent, contract, covenant, coverage (insurance), guaranty, pact, pledge (binding promise), promise, recognizance, security (pledge), specialty (contract), warrant (guaranty)
Burton's Legal Thesaurus. William C. Burton. 2006
- warranty
-
n.A promise or assurance that something is true, of a certain quality, or useful for a particular purpose; an assurance by one party to a contract that a certain fact is true, given to save the other party the trouble of confirming it, which is in effect a promise to cover any losses suffered by the other party if the fact turns out not to be true.
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.
- warranty
-
a promise or undertaking by one party to a contract to secure the other party in the enjoyment of anything agreed between them. In particular, warranty is used in connection with a contract of sale whereby the vendor warrants that the thing sold is the vendor's to sell and is good and fit for use, or at least such use as the purchaser wishes to make of it (see Sale of Goods Act 1979). A warranty may be express or implied. In marine insurance, an express warranty is an agreement expressed in the policy whereby the assured stipulates that certain facts are or that certain acts shall be done relative to the risk. It may relate to an existing or past fact, or it may be promissory and relate to the future. An implied warranty is such as necessarily results from the nature of the contract. In a colloquial sense, it applies to promises by manufacturers to consumers to repair or replace goods.
Collins dictionary of law. W. J. Stewart. 2001.
- warranty
-
A promise or assurance that may be express, implied by the circumstances, or implied by law. A warranty might be an express or implied statement that particular facts are true (for example, that merchandise may be used for particular purposes or that the seller has clear title to real estate). A warranty might be a promise to repair property within a certain period of time, or a legal obligation incident to a contract (for example, an implied warranty that leased residential property is habitable). (See also: express warranty, extended warranty contracts, home warranty, implied warranty of habitability, implied warranty of merchantability, warranty deed)Category: Personal Finance & RetirementCategory: Real Estate & Rental Property
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
- warranty
-
1) An assurance by the seller as to the state of affairs of the target company or business and in particular any existing liabilities (eg, the company owns all its assets, there is no litigation outstanding).If the statement proves to be untrue (eg, there is outstanding litigation) and the value of the company is reduced, the buyer can claim damages (a form of retrospective price adjustment). Note, there is usually a time and financial cap on the amount the buyer can claim. The warranties also encourage the seller to disclose known problems to the buyer and invariably the buyer cannot make a claim for something disclosed to it.2) This is a factual statement or promise given by one party to a contract to another. For example, that goods conform to a certain specification. If a warranty is untrue, the other party can claim damages for breach of warranty.3) An assurance or promise in a contract, the breach of which may give rise to a claim for damages. It is essentially a minor term of a contract.+ England, WalesAn assurance or promise in a contract, the breach of which may give rise to a claim for damages. It is essentially a minor term of a contract.In the context of a finance transaction, warranties (and representations) are the statements which an obligor makes in a finance document about itself and the circumstances of the debt or security. From the financier's, or secured party's, point of view, they set out the factual matrix on which it has agreed to make available the loan, or accept security. They are not typically disclosed against (in contrast to representations and warranties made in corporate finance documents, such as sale and purchase agreements).Although a breach of a warranty may entitle the person taking the benefit of it to a remedy for breach of contract, in finance documents, such a breach also constitutes an event of default.Related links
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
- warranty
-
n. The attesting of one party to a contract to the other of reliable facts so that the second party does not need to ascertain such facts for him or herself. Such assurance carries with it a promise to indemnify the second party for any loss should the particulars of the warranty prove not to be factual. Such a warranty may be express or implied.@ express warrantyA warranty created by the specific words of the warrantor promising the purchaser of goods that the merchandise being sold possesses or lacks certain qualities.@ implied warrantyA warranty arising from the existence of certain laws governing the conditions under which a certain thing may be transferred, rather than from the words of the seller.=>> warranty.@ limited warrantyWarranty limited as to period of time or scope, e.g., a warranty for an automobile may be for only certain components of the car, or for a specified number of miles or months.=>> warranty.@ warranty of fitness for a certain purposeA warranty that the merchandise is suited for use for the special purpose for which the buyer is acquiring it, rather than merely fit for general use.@ warranty of habitabilityA landlord's promise that from the start of the lease there are no hidden difficulties or defects that might affect the use of the premises for residential purposes, and that the premises will remain habitable for the lease's duration.@ warranty of merchantabilityAn implied guarantee on the part of a merchant that the merchandise he sells is suitable for the general purpose that it is sold. For example, if the merchant sells house paint, it is implied that that paint will adhere to walls.@ warranty of titlecovenant of (or for) title. A type of covenant usually given by a grantor in a warranty deed conveying real property to ensure that title is complete and secure. Also called covenant of title/covenant for title. In the plural, also called usual covenants.@
Webster's New World Law Dictionary. Susan Ellis Wild. 2000.
- warranty
-
An assurance, promise, or guaranty by one party that a particular statement of fact is true and may be relied upon by the other party.
Dictionary from West's Encyclopedia of American Law. 2005.
- warranty
-
I
An assurance, promise, or guaranty by one party that a particular statement of fact is true and may be relied upon by the other party.II A promise that a proposition of fact is true.
Short Dictionary of (mostly American) Legal Terms and Abbreviations.
- warranty
-
n.a written statement of good quality of merchandise, clear title to real estate or that a fact stated in a contract is true. An "express warranty" is a definite written statement and "implied warranty" is based on the circumstances surrounding the sale or the creation of the contract.See also: warrant
Law dictionary. EdwART. 2013.
