Warranties Flashcards
What are the characteristics of a warranty?
A warranty is either express or implied, and may relate to the past, the present, or the future.
No particular form of words is necessary to create a warranty.
What is an express warranty?
An express warranty is a statement in a policy, of a matter relating to the person or thing insured, or to the risk as a fact.
It must be contained in the policy itself of in another instrument signed by the insured and referred in the policy as making a part of it.
What is the effect if a loss happens before the performance of a warranty relating to the future?
When, before the time arrives for the performance of a warranty relating to the future, a loss insured against happens, or performance becomes unlawful at the place of the contract, or impossible, the omission to fulfill the warranty does not avoid the policy.
What is the effect if there is a violation of a material warranty?
The violation of a material warranty, or other material provision of a policy, on the part of either party thereto, entitles the other to rescind.
What is the effect of a breach of warranty without fraud?
A breach of warranty without fraud merely exonerates an insurer from the time that it occurs, or where it is broken in its inception, prevents the policy from attaching to the risk.
