11:41
@JupitersMoons: spin more rhymes than a lazy susan
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
affirmative warranty
Read a random definition: assignation house
A quick definition of affirmative warranty:
An affirmative warranty is a promise made by someone selling something that what they are selling is as they say it is. For example, if someone sells a car and promises that it has no problems, that is an affirmative warranty. It can be written or spoken. If the thing being sold does not match the warranty, the buyer can ask for compensation or for the seller to fix the problem.A more thorough explanation:
An affirmative warranty is a promise made by the seller or grantor to the buyer or grantee that certain facts are true. This promise can be express or implied and is usually a condition precedent to the contract taking effect. If the promise is broken, the buyer or grantee may have the right to compensation or other remedies.
For example, in a real estate transaction, the grantor may make an affirmative warranty that they have clear title to the property and that there are no liens or encumbrances on the property. If it is later discovered that there is a lien on the property, the grantee may have the right to compensation from the grantor.
In another example, a seller of a car may make an affirmative warranty that the car is in good working condition. If the car breaks down shortly after the sale, the buyer may have the right to compensation from the seller.