Define a Condition and a Warranty,and Identify Their Differences

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The Answer is The distinction of terms 'warranty' and 'condition' is important when establishing whether a statement is a term of the contract,because of the remedy available to the injured party,depending on whether a condition or warranty was breached.Thus,if it is established that a statement is a term,it must then be whether it is a:
Condition: A vital term which goes to the root of the contract and allows the injured party the option of rescission and/or damages (Poussard v Spiers & Bond (1876));or a
Warranty: A term of lesser importance that allows the injured party only to recover damages (Bettini v Gye (1876)).
Essentially,a condition is a vital term which goes to the root or heart of the contract and which,if broken,entitles the injured party to (generally)rescind the contract and/or seek damages.A warranty is subsidiary to the main purpose of a contract and is not really the substance of the contract.It is more a promise of a minor nature or collateral to the main purpose of the contract and only entitled the injured party to claim for damages.

Define a Condition and a Warranty,and Identify Their Differences

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Define a Condition and a Warranty,and Identify Their Differences

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Correct Answer:VerifiedShow Answer

Correct Answer:
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