South Carolina Seller's Affidavit and Declaration Concerning Warranties in Assignment
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How to fill out Seller's Affidavit And Declaration Concerning Warranties In Assignment?
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FAQ
102. Section 36-2-314 - Implied warranty; merchantability; usage of trade (1) Unless excluded or modified (Section 36-2-316 ), a warranty that the goods shall be merchantable is implied in a contract for their sale if the seller is a merchant with respect to goods of that kind.
Unless disclaimed in the manner prescribed by this chapter, every sale of consumer goods that are sold at retail in this state shall be accompanied by the manufacturer's and the retail seller's implied warranty that the goods are merchantable.
The withholding amount is 7% of the amount realized on the sale by a nonresident individual, partnership, trust, or estate, or 5% of the amount realized on the sale by a nonresident corporation or any other nonresident entity, if the seller does not provide the buyer with a Seller's Affidavit stating the amount of gain ...
The implied warranty of merchantability is a merchant's basic promise that the goods sold will do what they are supposed to do and that there is nothing significantly wrong with them. In other words, it is an implied promise that the goods are fit to be sold.
Statute of limitations in contracts for sale. (1) An action for breach of any contract for sale must be commenced within six years after the cause of action has accrued. (2) A cause of action accrues for breach of warranty when the breach is or should have been discovered.
The affidavit required by this section must be signed by a responsible person connected with the transaction, and the affidavit must state that connection. The clerk of court or register of deeds, at his discretion, may waive the affidavit requirement.
Under the implied warranty of merchantability the dealer or manufacturer warrants that the car is fit for the ordinary purposes for which cars are used, that it is fit for driving. Minor problems, such as a broken automatic door lock, may not be considered as a breach of this warranty.