Conditions and Warranties

CONDITION

If the stipulation agreed to between the parties is essential to the main purpose of the contract and is of such a nature that if the stipulation is breached (i.e. violated/not complied) then a party to the agreement would have a right to treat the contract as repudiated (cancelled) then such a stipulation is known as a condition.

WARRANTY

On the other hand, a warranty is a stipulation collateral to the main purpose of the contract. The breach of such a stipulation gives rise to a claim for damages only. The parties cannot reject the goods and treat the contract as repudiated.

1. In a contract of sale of goods conditions and warranties may be either expressed or implied.

2. Expressed conditions and warranties are those, which are expressly stated in the contract.

3. Implied conditions and warranties are those, which the law implies into every contract of sale of goods.

4. However, such implied conditions and warranties can be excluded by the parties to the contract if they agree expressly on these issues.

Accounting & Finance for Banking

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