LML4805 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE 16 August 2024
LML4805 Assignment 1 Full Solutions Semester 2 2024 - DUE 16 August 2024
LML4805 Assignment 1 Semester 2 2024 | Due 16 August 2024
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Insurance Law
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LML4805 Assignment
1 (COMPLETE
ANSWERS) Semester 2
2024 - DUE 16 August
2024 ; 100% TRUSTED
Complete, trusted
solutions and
explanations
ADMIN
[COMPANY NAME]
, LML4805 Assignment 1 (COMPLETE ANSWERS)
Semester 2 2024 - DUE 16 August 2024 ; 100% TRUSTED
Complete, trusted solutions and explanations
Briefly explain the differences between a representation and a
warranty; between an affirmative warranty and a promissory
(continuing) warranty; between a warranty of fact and a
warranty of knowledge; and between a warranty of fact and a
warranty of opinion. Give examples to illustrate the differences
for all four comparisons.
1. Representation vs. Warranty
Representation:
• Definition: A representation is a statement or assertion
made by one party to another in the context of forming a
contract, intended to induce the other party to enter into the
agreement. It is not a guarantee but rather an assertion
about certain facts.
• Example: A seller of a car might represent that the car has
never been in an accident. If it turns out this representation
is false, the buyer may have a claim for misrepresentation.
Warranty:
• Definition: A warranty is a formal assurance or guarantee
given by one party to another in a contract, which promises
that certain facts or conditions are true and will remain true.
Warranties often provide a legal remedy if the promise is
not fulfilled.
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