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.
New Hampshire Agreement Regarding Representations and Warranties for Goods Purchased and to be Re-Sold on Purchaser's Website
State:
Multi-State
Control #:
US-01815BG
Format:
Word;
Rich Text
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How to fill out Agreement Regarding Representations And Warranties For Goods Purchased And To Be Re-Sold On Purchaser's Website?
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FAQ
How Can Warranties Be Disclaimed? As a general rule, parties to a commercial contract are free to disclaim any warranties for the product being sold. However, there are several rules regarding the method of the disclaimer and the type of warranty, either express or implied.
A verbal express warranty may be as simple as a car dealer telling a customer, "I guarantee that this engine will last another 100,000 miles." If the car fails to live up to this claim, the buyer may take it up with the seller (although proving the existence of a verbal warranty is very difficult).
21 An express warranty may be oral or written. 22 Unlike implied warranties, which arise automatically and require no particular statement or action by the seller,23 express warranties result from any affirmative statement or action on the part of the seller relating to the quality or characteristics of the goods.
Put simply, a warranty is a contractual statement of fact made by the warrantor to the warrantee which is usually contained in a share or asset purchase agreement. Warranties often take the form of assurances from the seller as to the condition of the target company or business.
Warranties are typically made in writing and there is also such a thing known as an express warranty. An express warranty does not have to be in written form to be considered legit.
An express warranty is one that is clearly stated (or "expressed") either verbally or in writing, while an implied warranty automatically covers most consumer goods valued over a certain amount, but only provides a base level of protection for consumers.
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.
It's important to remember that only two types of warranties are recognized by California law. One is called express, which can be written or oral. The other is called implied.
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.
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.