This website uses cookies to ensure you have the best experience. Learn more

Business Law Consideration And Warranties Essay

594 words - 3 pages

What is the difference between conditions and warranties? Why do we need to distingusih between the two?

Conditions and warranties a key areas that govern the broader terms of the contract. These components help to establish where and how breaches may occur, and which remedies are available for a plaintiff to pursue. In order to determine what the terms are, another determination must be made as to what the parties have expressly agreed to, either orally or in writing. Terms can be either express or implied.
Express terms are agreed by both parties either orally or in writing. When the agreement is made strictly via word of mouth, there must be a determination on validity of the evidence given as to what was said and agreed. For this reason, business contracts are usually made in writing. When contracts are made it is easy to discover the ...view middle of the document...

Because of this, certain exceptions to this rule have been established. As an example, in the case Quickmaid Rental Services Ltd. v Reece (1970) the plaintiff persuaded Reece to install a v ending machine at his garage. The salesman promissed not to install any similar machine in the immediate vicinity. Reece signed a written contract for the installation of the machine. The salesman's promise was not included in the written document. Subsequently, another salesman fro mthe company installed anothermachine nearby. Reece refused to pay any further instalments. In this case, the oral statement was held to be a term of the contract, consequently the company was in breach of the agreement, and Reece's refusal to pay was justified.
Contrastly, a contract may contain terms implied by custom or statute. Customs, industry trends and historic precedents lead to implied terms as was seen in the case of British Crane Hire Corporation Ltd.v Ipswich Plant Hire Ltd (1974). In this case it was held that although a contract had not been signed prior to a major incident, damaging the plaintiff's property (therefore agreements between the parties were not met), because the contract due to be signed , and the written contract was customary for rentals of this type, both parties were aware of the conditions to be found in the contract.
Over long periods of time, certain implied terms have been incorporated into special types of contracts by trade and customary usage. One of the most common example is the Sale of Goods Act 1979, which implies terms into contracts for the sale of goods.
The terms of a contract are generally divided into conditions and warranties. A condition is an important term, which forms the very heart of a contract. A warranty on the other hand, tends to be less importants, and moreless ancilliary to the the main part of the contract. In a nutshell,

The difference between the two become extremely important when examing the consequences of a breach of a condition or a warrranty.

Other Papers Like Business Law Consideration and Warranties

California Law Business – Mark Robinson and the Ford Pinto

2385 words - 10 pages Ralph Nader’s consumer organization Public Citizen. After the Pinto recall‚ the National Highway Traffic Safety Administration did not implement any significant-cant auto and tire-safety standards until President Clinton signed into law Nov. 1 the Transportation Recall Enhancement Accountability Documents Act‚ Claybrook says. The act directs the National Highway Traffic Safety Administration to update 30-year old tire safety standards‚ develop a

Australian Business Employment Relations Law : Directed At Business Migrants (Report Style Format) Appendices And Bib. Included

5326 words - 22 pages Business Migrant Employment Relations ReportWelcome to Australia! This package has been prepared for you to familiarise yourself with Australia's Employment Relations Legislation because Australia's business legislation may differ from the one you are accustomed to. This package covers the key areas of the Employment Relations Legislation which are:Occupational Health and SafetyWorkers CompensationAnti DiscriminationEqual Employment

Several Businesses Such as Primark, Lidl and Gap Have Been Accused of Being Unethical in Recent Years. Do You Think It Is Essential to Take Ethics Into Consideration When Making Business Decisions...

1188 words - 5 pages Several businesses such as Primark, Lidl and Gap have been accused of being unethical in recent years. Do you think it is essential to take ethics into consideration when making business decisions nowadays? (40 marks) Ethics are moral principles that govern a person or a group’s behaviour. When applied to business this involves the examination of how people and institutions should behave in the world of commerce. For example, when the actions

Business and Law

2252 words - 10 pages Tenancy law, contracts and the Australian contract law is that subject which has a significant lying behind their principles. The Australian contract law commission has prepared the contract law principles. The commission is a creation that is private of academics from the view of member states of communities in Australia with the new member states acquisitions along with the adoption of new members (Khoury & Yamuna, 2006). In addition, an

Hw Business Law and Ethics

530 words - 3 pages Assignment 9 As I come to the end of my sophomore year, I have a good understanding as to where I want my life to go in regards to my career. I plan on double majoring in Journalism and Media Studies as well as Human Resource Management. Over the course of the year we have taken multiple personality tests that have highlighted aspects of our personalities and guided us to specific careers that would fit those personality traits. The Myers

Industrial Law

320 words - 2 pages LEGAL ASPECTS OF BUSINESS Credit Units: 03 Course Objectives To give insight to various Legal Aspects of Business so that the students are able to interpret the provisions of some of the important laws and apply the same in commercial and industrial enterprises. Course Contents Module I: Indian Contract Act, 1872 Nature and kinds of Contracts, Concepts related to offer, Acceptance and Consideration, Principles Governing Capacity of

Law of Contract

877 words - 4 pages A) Law of contract An agreement enforceable in law, a contract, needs to fulfill 4 elements: offer, acceptance, consideration and intention to be valid. It legally binds parties to act in accordance to the verbal or written terms stated in the contract. If there is a breach of contract, the innocent party can sue for damages or demand for specific performance to be done. a) Applicable law There are three categories of terms of

Torts and Warranties

1698 words - 7 pages intrusion, public disclosure, false light, and appropriation affects and governs the way businesses are conducted. The Magnuson-Moss Warranties Act does not replace each state’s consumer protection laws but, it does provide a federal law for definition, guidance, and understanding that oversees the consuming public’s business dealings. References: Prosser, W. L. (1960). Privacy. California law review Vol.48, No.3, pp.383-385. Schroeder, M

Business Law

3327 words - 14 pages TITLE WARRANTIES ( Good Title: Except where disclaimed, a seller warrants that it has good and valid title to the goods being sold and that it may rightfully transfer title to the goods. ( Quiet Possession: A lessor transfers the rights to possess and use the goods during the lease term, not title to the goods; therefore, lessors warrant only that no one (other than the lessor) has a superior right to that of the lessee to possess

Business

5143 words - 21 pages is warranties? Warranties are used in a variability of commercial situations. In many occurrences a business may willingly make a warranty. In other circumstances the law implies a warranty where no express warranty was made. Most warranties are made with respect to real estate, insurance, and sales and leases of goods and services. Warranty | Condition | * Breach of warranty gives right to the party to claim the damage only. | * A

edexcel assessment

2732 words - 11 pages business contracts to not only have express terms relating to conditions and warranties, but also to have express key terms included in the contract such as: •Exclusion clauses • Clauses relating to damages • Price variation clauses Innominate Terms: Contractual term that may turn out to be either a condition (is integral to the contract) or a warranty (is incidental to the contract) depending on its effect on the injured or

Related Essays

Law And Business Essay

1503 words - 7 pages 1. Issue : The issue is whether if Peter enters into the contract with the sale person. The law of contract is a legally bind agreement with two or more contractual parties. It consists of 4 elements to make a valid contract; offer, acceptance, consideration, and intention to legal relation. This issue involves the element of offer. Applicable law: An offer occurs when the offeror is willing to enter the contract, as soon as it is

Business Law And Ethics Essay

2529 words - 11 pages pub and the future strategy and plan of the pub with which Tom agreed. So it unwise to claim that he was unaware about the prospect and future actions of the pub and therefore there is no question of discrimination on the ground of sexual orientation. “This is not a gay pub” vs. “Under new management…friendly staff.” “It is also against the law for someone you work for to have rules, policies or practices, which though not aimed at you

Critically Evaluate The Law In The Areas Of Murder And Voluntary Manslaughter And Include The Consideration Of Possible Reforms

3369 words - 14 pages Critically Evaluate the Law in the areas of Murder and Voluntary Manslaughter and include the consideration of possible reforms. Homicide, in English criminal law is a generic term covering offences such as murder, manslaughter and death by dangerous driving. What they all have in common is the unlawful killing of a human being, and what distinguishes them is the state of mind of the defendant who has caused the death or the defences

The Functions And Role Of Law In Business

774 words - 4 pages Law performs many functions and plays a central role in business and society. Law is a small word that can be defined in many ways. According to the dictionary, the first definition of law is "a rule of conduct or procedure established by custom, agreement, or authority". Law is comprised of statutes and precedents, leading to rules that tell how to act in business and society. Law continues to grow and expand. Law is open to reason and