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Warranty (other)
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A warranty is a guarantee or promise that specific facts or conditions are true or will happen. Warranty may also refer to: * Collateral warranty, gives a third party rights in an existing contract * Extended warranty, a goods/service maintenance agreement * Home warranty, home appliance service maintenance agreement * Implied warranty, presumed assurances made in the sale of products or real property * Industry Loss Warranties, insurance protection against an event to an entire insurance * Warranty deed, real estate deed giving assurance of clear title and right to sell * Warranty tolling, extending a product warranty period See also * Warrant (other) Warrant may refer to: * Warrant (law), a form of specific authorization ** Arrest warrant, authorizing the arrest and detention of an individual ** Search warrant, a court order issued that authorizes law enforcement to conduct a search for eviden ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Warranty
In contract law, a warranty is a promise which is not a condition of the contract or an innominate term: (1) it is a term "not going to the root of the contract",Hogg M. (2011). ''Promises and Contract Law: Comparative Perspectives''p. 48 Cambridge University Press. and (2) which only entitles the innocent party to damages if it is breached: i.e. the warranty is not true or the defaulting party does not perform the contract in accordance with the terms of the warranty. A warranty is not a guarantee. It is a mere promise. It may be enforced if it is breached by an award for the legal remedy of damages. A warranty is a term of a contract. Depending on the terms of the contract, a product warranty may cover a product such that a manufacturer provides a warranty to a consumer with which the manufacturer has no direct contractual relationship. A warranty may be express or implied. An express warranty is expressly stated (typically, written); whether or not a term will be implied int ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Collateral Warranty
The term “collateral warranty” originates in property law. In 1839 Nick Grimsley wrote: “''A collateral warranty is where the heir neither does nor could derive his title to the land from the warrantor; and yet is both de-barred from claiming title and bound to recompense in case of eviction.”''“An Abridgement of the American Law of Real Property”, by Francis Hilliard counsellor at Law, Volume II, entered accordingly to Act of Congress in the year 1839. The concept of collateral warranty was sometimes regarded as ''“ the most unjust, oppressive, and indefensible in the whole range of common law.”'' The meaning is different when considering the actual and most common use of the term. Today a collateral warranty generally defines an agreement ancillary to another principal contract and/or a letter of appointment. For the benefice of a third party, it imposes an extended duty of care and a broader liability on two separate parties involved in a contract. Collateral ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Extended Warranty
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. Extended warranties cost extra and for a percentage of the item's retail price. Occasionally, some extended warranties that are purchased for multiple years state in writing that during the first year, the consumer must still deal with the manufacturer in the occurrence of malfunction. Thus, what is often promoted as a five-year extended guarantee, for example, is actually only a four-year guarantee. Extended warranties have terms and conditions which may not match the original terms and conditions. For example, these may not cover anything other than mechanical failure from normal usage. Exclusions may include commercial use, "acts of God", owner abuse, and malicious destruction. T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Home Warranty
A home warranty is a contract that agrees to provide a homeowner with discounted repair and replacement services. However, the words "home warranty" are not always used explicitly to mean a legal warranty is being conveyed. In many cases, at least in the United States, a home warranty is not a warranty at all, but rather a home service contract that covers the repair and/or replacement costs of home appliances, major systems such as heating and cooling, and possibly other components of a home, structural or otherwise. Coverage varies significantly across home warranty companies. Coverage Most companies cover plumbing, electrical, heating systems, as well as refrigerators, dishwashers, and Microwave oven A microwave oven (commonly referred to as a microwave) is an electric oven that heats and cooks food by exposing it to electromagnetic radiation in the microwave frequency range. This induces polar molecules in the food to rotate and produce t ...s. Some charge additional cov ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Implied Warranty
In common law jurisdictions, an implied warranty is a contract law term for certain assurances that are presumed to be made in the sale of products or real property, due to the circumstances of the sale. These assurances are characterized as warranties regardless of whether the seller has expressly promised them orally or in writing. They include an implied warranty of fitness for a particular purpose, an implied warranty of merchantability for products, implied warranty of workmanlike quality for services, and an implied warranty of habitability for a home. The warranty of merchantability is implied, unless expressly disclaimed by name, or the sale is identified with the phrase "as is" or "with all faults". To be "merchantable", the goods must reasonably conform to an ordinary buyer's expectations, i.e., they are what they say they are. For example, a fruit that looks and smells good but has hidden defects would violate the implied warranty of merchantability if its quality does ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industry Loss Warranties
Industry loss warranties (ILWs), are a type of reinsurance contract used in the insurance industry through which one party will purchase protection based on the total loss arising from an event to the entire insurance industry above a certain trigger level rather than their own losses. For example, the buyer of a "$100million limit US Wind ILW attaching at $20bn" will pay a premium to a protection writer (generally a reinsurer but sometimes a hedge fund) and in return will receive $100million if total losses to the insurance industry from a single US hurricane exceed $20bn. The industry loss ($20bn in this case) is often referred to as the "trigger". The amount of protection offered by the contract ($100million in this case) is referred to as the "limit". ILWs could also be constructed based on an index not linked to insurance industry losses. For example, Professor Lawrence A. Cunningham of George Washington University suggests adapting similar mechanisms to the risks that l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Warranty Deed
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. A ''general'' warranty deed protects the grantee against title defects arising at any point in time, extending back to the property's origins. A ''special'' warranty deed protects the grantee only against title defects arising from the actions or omissions of the grantor. Covenants for title A warranty deed can include six traditional forms of covenants for title, sometimes known as the English covenants of title. Those six traditional forms of covenants can be broken down into two categories: ''present covenants'' and ''future covenants''. *Present covenants **''Covenant of seisin'': "A covenant of seisin or good right to convey." **''Covenant of right to convey'': Covenants that repres ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Warranty Tolling
{{Unreferenced, date=June 2019, bot=noref (GreenC bot) Warranty tolling refers to a legal requirement, in some jurisdictions, that the timeframe provided in a product warranty shall be tolled (paused) to protect the consumer from unfairly being deprived of its protections. For example, under California Civil Code Sections 1795.6 and 1795.7, tolling occurs when the buyer delivers goods to be repaired or provides notice of the problem, and continues so long as the buyer has not yet received the repaired goods or notice that the repairs are complete. Contract law Legal doctrines and principles ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |