Exam (elaborations)
LML4805 Assignment 1 Semester 2 2024 - DUE 16 August 2024
- Course
- LML4805 (LML4805)
- Institution
- University Of South Africa
LML4805 Assignment 1 Semester 2 2024 QUESTIONS WITH ANSWERS
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[Date]LML4805 Assignment
1 Semester 2 2024 -
DUE 16 August 2024
QUESTIONS WITH ANSWERS
, LML4805 Assignment 1 Semester 2 2024 - DUE 16 August 2024
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: A representation is a statement of fact made by one party
to induce another party to enter into a contract. It is generally a statement
about the past or present circumstances relevant to the contract. If a
representation turns out to be false, it may give rise to a claim for
misrepresentation, which can lead to rescission of the contract or damages.
Example: A seller of a business represents that the business has had a certain level
of profits in the past year. If this statement is false, the buyer may be able to
rescind the contract or claim damages for misrepresentation.
• Warranty: A warranty is a promise or guarantee made by one party to
another that certain facts or conditions are true or will happen. A breach of
warranty gives rise to a claim for damages, but does not allow for rescission
of the contract unless it is a fundamental term of the contract.
Example: A car seller warrants that the car is free from defects for a year. If the
car has a defect within that year, the buyer may claim damages for the cost of
repairs.
2. Affirmative Warranty vs. Promissory (Continuing) Warranty
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