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
Representation:
• Definition: A statement of fact made by one party to
induce another party to enter into a contract.
• Nature: Statements or assertions about past or existing
facts.
• Purpose: To persuade the other party to contract; it is not
necessarily guaranteed to be true.
• Legal Effect: If found to be false, it may lead to a claim for
misrepresentation and damages, but it does not usually
form a contractual obligation.
Example: If a seller states that a used car has never been in an
accident, and this statement is false, the buyer can sue for
misrepresentation.
Warranty:
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