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An implied warranty of fitness for a particular purpose occurs if a seller knows or has reason to know of a particular purpose for which some item is being purchased by the buyer. The seller then guarantees that the item is fit for that particular purpose. [1] [2] [3]
The modern trend in the U.S. is that the implied warranty of fitness for a particular purpose applies in the real-estate context to only the sale of new residential housing by a builder-seller and that the caveat emptor rule applies to all other real-estate sale situations (e.g. homeowner to buyer). [3]
The warranty of fitness for a particular purpose is implied unless disclaimed when a buyer relies upon the seller to select the goods to fit a specific request. For example, this warranty is violated when a buyer asks a mechanic to provide tires for use on snowy roads and receives tires that are unsafe to use in snow.
Disgruntled buyers of real estate, and their respective improvements, may be faced with other complicated property law issues if a deed is conveyed as a result of a contract with an "as is" clause. In real estate, these are the larger potential problems than issues with the structure itself, which can be drawn out with an inspector.
A warranty of habitability, measured by the standards set out in the DC Housing Regulations, was implied by law into leases of urban dwelling units, and breach of the warranty gave rise to a breach of contract claim. Court membership; Judges sitting: Circuit Judges James Skelly Wright, Carl E. McGowan, Roger Robb: Case opinions; Majority: James ...
Breach of an express warranty, Breach of an implied warranty of merchantability, and; Breach of an implied warranty of fitness for a particular purpose. Express warranty claims focus on express statements by the manufacturer or the seller concerning the product (e.g., "This chainsaw is useful to cut turkeys").
Habitability is the conformance of a residence or abode to the implied warranty of habitability. [circular definition] A residence that complies is said to be habitable.It is an implied warranty or contract, meaning it does not have to be an express contract, covenant, or provision of a contract.
HBU is a designation to identify an entity that could have a higher value if used for a different purpose. [3] There are many other similar concepts that are used in fields related to, yet outside of real estate appraisal as instructed in the Uniform Standards of Professional Appraisal Practice (USPAP). One example is Higher and Better Use (HBU ...