In: Economics
Hello
Please write on the differences between Warranties and Conditions. Explain how conditions relate to warranties.
No copy-paste, please
Ans:- Conditions and Warranties are related to contract of sale.These are certain requirements or terms used in sale of contract between buyer and seller while making a contract of sale of goods.
1.A condition means any requirements or terms or any events imposed by parties in to the contract and that need to be fulfilled before the performance of any act as mentioned in the contract of sale. On other hand A warranty means an assurance or written guarantee given by the seller of goods to the buyer that the product quality or condition is genuine as stipulated and a particular claim is confimed in the product.
2. A condition is a primary part which is essential to the main object of the contract, whereas a warranty is a secondary part to the main purpose of the contract.
3. A non-performance of a condition can be considered as breach of contract and the aggreived party can repudiate the contract, whereas a non-performance of a warranty can not be considered as failure to perform contract and the party can not repudiate the contract instead he can claim damages for breach of warranty.
4. Remedies available for the breach of condition is that the aggrieved party can repudiate the contrcat as well as claim damages, whereas in case of breach of warranty the aggrieved party can claim damages only.
5. A violation of condition can be considered as violation of warranty also,whereas the violation of warranty can not be considered as a violation of contracts and the contract will subsist.
6. Conditions are treated as indespensable to the contract and the fulfillment of the same is necessary for the performance of the contract,whereas the fulfilemnt of warranty is not essential part to the performance of the contract.