breach of warranty


Definitions of breach of warranty

where one party breaks a promise, guarantee or assurance given to another party about another person, good or part of a contract

The breach of warranty entitled the buyer to sue for damages but not to terminate the contract.

in a finance transaction, when a statement made by an obligor about itself and the circumstances of the debt or security is not true

The buyer had actual knowledge of the circumstances giving rise to the breach of warranty at the time of signing of the sale and purchase agreement.