Guam Complaint against Vendor of Computer System by Purchaser for Fraud and Misrepresentation, Breach of Contract, Breach of Implied Warranty of Merchantability, Breach of Implied Warranty of Fitness
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How to fill out Complaint Against Vendor Of Computer System By Purchaser For Fraud And Misrepresentation, Breach Of Contract, Breach Of Implied Warranty Of Merchantability, Breach Of Implied Warranty Of Fitness?
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FAQ
If a representation is not true it is "inaccurate." If a warranty is not true it is "breached." In financing documents (such as loan agreements) representations and warranties are given by the borrower to induce the lenders to make loans.
In breach of warranty cases, the buyer may seek remedies such as repair or replacement of the defective product, compensation for diminished value, or reimbursement for incidental and consequential damages.
Service contracts and warranties both provide some element of repair or maintenance for a specific period of time. The main difference is that warranties are included in the purchase price and service contracts cost extra.
In the event of a breach of a warranty, the aggrieved party is entitled to damages, alternatively financial compensation for the loss of value. Their amount is often determined based on business valuation from the buy-side perspective.
While a seller of goods may create a warranty in multiple ways, the basic elements of any claim for breach of warranty are (1) the existence of an express or implied warranty, (2) the goods did not comply with that warranty, and (3) the failure to comply with the warranty caused an injury.
Breach of warranty is defined as the violation of an express or implied contract of warranty, and thus it is a breach of contract. Essentially, it occurs when the warrantor fails to provide the assurance warranted. A seller can expressly or implicitly assure the buyer about the quality or title of an item sold.
Related to Material Breach of Warranty. Material Breach means a breach by either Party of any of its obligations under this Agreement which has or is likely to have a Material Adverse Effect on the Project and which such Party shall have failed to cure.
Terms classified as conditions will, if breached, allow the innocent party to terminate the contract; terms classified as warranties (less important terms) will generally only permit the innocent party to claim damages for breach.