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A representation is an assertion as to a fact, true on the date the representation is made, that is given to induce another party to enter into a contract or take some other action. A warranty is a promise of indemnity if the assertion is false.
Sep 19, 2022 · In the event that your contract or agreement doesn't include a spelled-out warranty, it's hard to claim that the representations made don't come with some type of common law warranty. If a seller is making claims about a product or service, the buyer should have protection even if the warranty isn't clearly stated.
Representations and warranties are statements of fact and assurances provided by parties in a legal contract. They are used to affirm that certain conditions or statements are true and serve to allocate risk between parties by laying out the facts of a deal. Representations are statements of fact about the present or past.
The High Court has ruled that warranties in a share sale agreement did not (and arguably could not) also operate as representations, so as to give the buyer a choice of claiming either contractual damages for breach of warranty or remedies in tort for misrepresentation.
- What Is A Warranty?
- What Is A Representation?
- So, What Is The Difference Between Representations and Warranties?
- Can Warranties Also Be Representations?
- Representations and Warranties – Final Thoughts
A warranty is a promise that a particular statement made is true at the date of the contract. That said, it can relate to current and/or future conduct and/or facts. A good example of the former is: ‘the Supplier warrants that it has sufficient Stock to fulfil the Distributors’ Orders in connection with this Agreement’. Contracts for the sale of go...
A representation, like a warranty, is a statement of fact but is one which is made during contractual negotiations in order to induce another party to enter into a contract. While representations are usually made prior to the contract they are often repeated and therefore form the basis of a contract. Prior representations that are notincorporated ...
The key difference between a representation and a warranty is the remedy available to the innocent party when there is a breach. If a warranty is found to be untrue, the innocent party will be entitled to damages. A breach of warranty does not allow the innocent party to rescind the contract, which would effectively set it aside and put the parties...
If you are familiar with contracts, you may have seen wording such as “the seller represents and warrants…”. Where the wording is clear cut, it is likely that the court will view the statement as both a representation and a warranty. However, where the wording does not expressly provide that a warranty is to take effect as a representation, an inno...
Representations and warranties may appear similar on the surface but the remedies available can be completely different. The question of whether a statement is a warranty, a representation, or both will depend upon the wording used and the context of the contract in question. Careful drafting of representations and warranties, as well as any exclus...
This Standard Clause includes standard representations and warranties regarding the party itself and the validity and enforceability of the contract, as well as some optional transaction-specific representations and warranties.
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Should a buyer rely on a warranty?
Nov 24, 2016 · There is an important distinction between warranties and representations in English law and whether you want to give either or both of these to your counterparty will depend on your bargaining position and will differ from case to case.
