When selling or transferring property or goods, a promissory warranty is given to assure the buyer that the seller has the right to sell and that the property or goods are free from any issues. In case of any problems, the seller is obligated to rectify them or provide compensation. This promise holds significant legal weight and can be expressed verbally or in writing.
A promissory warranty is a guarantee made by the seller or grantor of a property or product, ensuring that the item being sold is as promised. If the property or product does not meet the specified requirements, the seller or grantor is obligated to compensate the buyer or grantee. For instance, if a car dealer assures a certain level of performance and features for a car, but fails to deliver, they must compensate the buyer. Similarly, if a property seller promises a clear title without any liens or encumbrances, but it turns out otherwise, they are obliged to compensate the buyer. Promissory warranties can be either express or implied. An express warranty is explicitly created through the seller’s words or actions, while an implied warranty arises automatically due to the circumstances of the sale, rather than the seller’s explicit promise.
A promissory warranty is a legal guarantee made by a seller to a buyer that certain facts or conditions about a product or service are true. It assures the buyer that the product or service will meet certain standards or specifications.
The purpose of a promissory warranty is to provide assurance to the buyer that the product or service they are purchasing will perform as promised. It gives the buyer legal recourse if the product or service fails to meet the specified standards.
Yes, promissory warranties are legally binding contracts between the seller and the buyer. If the seller fails to fulfill the promises made in the warranty, the buyer can take legal action to seek remedies.
Promissory warranties can be either oral or written, although it is generally recommended to have them in writing for evidentiary purposes. Having a written warranty provides a clear record of the promises made and helps avoid disputes.
If a promissory warranty is breached, the buyer may be entitled to various remedies, including repair, replacement, refund, or compensation for damages suffered as a result of the breach. The specific remedies will depend on the terms of the warranty and applicable laws.
In some cases, sellers may attempt to disclaim or limit their liability under a promissory warranty. However, the enforceability of such disclaimers or limitations may vary depending on the jurisdiction and the specific circumstances. It is advisable to consult with a legal professional to understand the validity of any disclaimers or limitations.
In many cases, promissory warranties can be transferred to subsequent owners or users of the product or service. However, this may depend on the terms of the warranty and applicable laws. It is important to review the warranty documentation to determine if it allows for transferability.
The duration of a promissory warranty can vary depending on the terms agreed upon by the seller and the buyer. Some warranties may be limited to a specific period of time, while others may extend for the lifetime of the product or service. It is important to review the warranty documentation to understand the duration of the warranty.
In some cases, sellers may offer options to extend or renew a promissory warranty for an additional fee. However, this is not always guaranteed, and it is important to review the warranty documentation to determine if such options are available.
If you believe a promissory warranty has been breached, it is advisable to gather evidence of the breach, such as documentation, photographs, or witness statements. You should then contact the seller or manufacturer to discuss the issue and attempt to resolve it amicably. If a resolution cannot be reached, you may need to consult with a legal professional to explore your options for legal recourse.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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