Mississippi Agreement Regarding Representations and Warranties for Goods Purchased and to be Re-Sold on Purchaser's Website

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Multi-State
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US-01815BG
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Word; 
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This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

The Mississippi Agreement Regarding Representations and Warranties for Goods Purchased and to be Re-Sold on Purchaser's Website is a legal contract specifically designed to protect both the purchaser and the seller when goods are being bought and subsequently re-sold on the purchaser's website. This agreement establishes the terms and conditions governing the representations and warranties made by the seller regarding the quality, condition, and authenticity of the goods being purchased. The agreement includes various provisions to ensure transparency and fairness between the parties involved. It outlines the responsibilities of the seller in providing accurate and truthful representations of the goods, including any warranties or guarantees that may accompany them. The purchaser, on the other hand, agrees to clearly specify the intended purpose of the goods and ensure that they are accurately described on their website. This agreement is particularly important when goods are being sold in an online marketplace, as it helps establish a clear understanding between the parties regarding the nature and condition of the goods being sold. It helps protect the purchaser from any inaccurate or misleading representations made by the seller, while giving the seller the opportunity to outline any limitations or exclusions of warranties. It is crucial to distinguish that the Mississippi Agreement Regarding Representations and Warranties for Goods Purchased and to be Re-Sold on Purchaser's Website does not refer to different types within itself, but rather applies to a variety of goods that are being purchased and re-sold on the purchaser's website. This can include electronics, clothing, furniture, antiques, collectibles, and other tangible products. In conclusion, the Mississippi Agreement Regarding Representations and Warranties for Goods Purchased and to be Re-Sold on Purchaser's Website is a legally binding contract that clarifies the expectations and obligations of both the buyer and the seller in terms of the representations and warranties provided for goods being purchased and subsequently sold on the buyer's website. It helps create a fair and transparent environment for online commerce, protecting the rights and interests of both parties involved.

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FAQ

The key difference among these words is temporal past and present for representations; past, present, but mainly future for warranties; and mainly future for covenants. The remedies for a false representation, breach of a warranty or violation of a covenant also have differed.

Representations and warranties are assertions or assurances given by the parties to the agreement. While most purchase agreements contain representations and warranties from seller and buyer, the seller representations and warranties typically are the most extensive and more important.

The representations and warranties section of the Purchase Agreement is one of the most negotiated sections of any agreement between a buyer and a seller. It covers statements of fact and promises about what is sold. The seller will make several representations and warranties about the target and assets.

Reps and warranties is a term used to describe the assertions that a buyer and/or seller makes in a purchase and sale agreement. Both parties are relying on each other to provide a true account of all information and supporting documents to close the transaction.

The term warranty can also dress up as a covenant. Covenants have been distinguished from representations because they are promises of performance in the future, in contrast to statements of the existence of a past or present fact.

Specifically, the remedy for breach of warranty is typically some measure of expectancy damages, whereas the remedies for the tort of misrepresentation are typically rescision plus some measure of reliance or restitution damages, along with punitive damages if the misrepresentation was intentional.

The representations and warranties allocate risk between the parties and serve as the foundation for an indemnification claim in case of a breach or inaccuracy. A breach or inaccuracy of a representation or warranty can also provide the other party with a right to terminate or refuse to close the transaction.

A representation is an assertion as to a fact, true on the date the representation is made, that is given to induce another party to enter into a contract or take some other action. A warranty is a promise of indemnity if the assertion is false.

Seller representations and warranties are not required by law but are in nearly every purchase agreement. I have had deals in which the seller representations and warranties fill less than a page and other deals in which the seller representations and warranties have filled 30 pages.

A representation is an assertion as to a fact, true on the date the representation is made, that is given to induce another party to enter into a contract or take some other action. A warranty is a promise of indemnity if the assertion is false.

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Mississippi Agreement Regarding Representations and Warranties for Goods Purchased and to be Re-Sold on Purchaser's Website