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.
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.
Differences Between Representations and Warranties
1. Representation vs. Warranty:
• Representation:
o Definition: A representation is a statement or
assertion made by one party to induce another party
into entering a contract. It is a statement of fact that is
believed to be true but is not necessarily guaranteed.
o Purpose: It is used to persuade the other party to enter
into the contract but is not necessarily enforceable as a
guarantee of the truth.
o Example: If a seller of a car represents that the car has
never been in an accident, this is meant to persuade
the buyer, but it does not guarantee the fact.
• Warranty:
o Definition: A warranty is a promise or guarantee
within a contract that certain statements or facts are
true and will remain true. It creates a legal obligation
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