Definitions of warranty
(CONTRACT LAW) a non-essential contract term
It is important to be clear as to which contract terms are conditions and which are warranties.
(CONTRACT LAW; COMPANY LAW) a guarantee given to the buyer of a good by the manufacturer or dealer stating that the good will be repaired or replaced within a specific period of time
When he bought the car, he received a 2 year warranty.
(CONTRACT LAW; COMPANY LAW) an assurance that a particular aspect of the contract or process of contracting is guaranteed by one of the contracting parties (COMPANY LAW; PROPERTY LAW) an assurance from the seller as to the condition of the target company and its business and/or property being sold and, in particular, any existing liabilities, a breach of which entitles the buyer to sue the warrantor seller for damages
The purchaser claimed damages for breach of warranty by the sellers in relation to the acquisition (=purchase) of their business last year.