What is a warranty in a business transaction?

A warranty in a business transaction is a statement made by the seller (person selling the product or service) that guarantees a certain level of quality or performance from a product or service. In Washington, warranties may be either expressed or implied. An expressed warranty is a written statement made by the seller that explicitly promises the buyer that the product or service will meet a certain level of quality or performance. An implied warranty is an understanding that the product or service will meet a certain level of quality or performance without a written statement by the seller. In Washington, the implied warranties of merchantability and fitness for a particular purpose, as well as any warranties created by prior course of dealing between the parties, are automatically included in each business transaction. To ensure they are legally binding, warranties should be in writing and signed by both parties.

Related FAQs

What are the limitations on the transfer of personal information in contract law?
What is the Sarbanes-Oxley Act and what are its implications?
What is the concept of agency in business transactions?
What are the remedies available to an unsecured creditor?
What is the concept of forum selection in business transactions?
What is the scope of fiduciary duties in business transactions?
What are the different types of business torts?
What is the concept of vicarious liability in business transactions?
What are the implications of international securities transactions?
What is the importance of franchise law in business transactions?

What is a warranty in a business transaction?

Related FAQs

Related Blog Posts