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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.
The terms "representation" and "warranty" are often used together in practice. 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.
If a statement is incorporated into the contract, it becomes a contract term. If this is breached, then the other party can take action for breach of contract. Where a statement made outside of the contract turns out to be false, the action will be for misrepresentation.
If someone breaches a condition, the contract may be terminated. If someone breaches a warranty, the other party can claim damages for the breach. Conditions are imperative; otherwise, a contract can be denied. Contracts aren't renounced just because warranties aren't met.
The product must have been sold or leased; The plaintiff must have used the product in a foreseeable way; The product must be defective; and. The victim must have been hurt because of the product's defective nature.
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.