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LML4805 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE 16 August 2024
LML4805 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE 16 August 2024
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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 Representation and Warranty
A representation is a statement of fact made by one party to
another, which induces the other party to enter into a contract.
It is essentially an assertion about a particular state of affairs
that is believed to be true at the time it is made. If a
representation turns out to be false, the party misled may have
grounds for a claim of misrepresentation.
A warranty, on the other hand, is a promise that certain facts or
conditions are true or will happen in the future. Warranties
provide assurance regarding the quality or nature of goods or
services and typically come with remedies if they are breached.
Example:
A seller states, “The car has never been in an accident.”
This statement is a representation. If it turns out to be
false, the buyer may claim misrepresentation.
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