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Representation: A representation is a statement of fact which does not amount to a term of the contract but it is one that the maker of the statement does not guarantee the truth of. This gives rise to no contractual obligation but may amount to a tort , for example misrepresentation .
Representation: A representation is a statement of fact which does not amount to a term of the contract but it is one that the maker of the statement does not guarantee its truth. This gives rise to no contractual obligation but may amount to a tort , for example misrepresentation .
A "representation" is a pre-contractual statement made during negotiations. [4] If a representation has been incorporated into the contract as a term, [5] then the normal remedies for breach of contract apply. Factors that determine whether or not a representation has become a term include: The relative expertise of the parties. [6] [7]
The law of contracts varies from state to state; there is nationwide federal contract law in certain areas, such as contracts entered into pursuant to Federal Reclamation Law. The law governing transactions involving the sale of goods has become highly standardized nationwide through widespread adoption of the Uniform Commercial Code .
In contract law, in a case of innocent representation, the injured party is entitled to be replaced in statu quo. Note the common usage is status quo from the Latin status quo ante, the "state in which before" or "the state of affairs that existed previously." [10] stratum: a covering, from neuter past participle of sternere, to spread
Two distinct but related types of estoppel recognised in Canada are promissory estoppel or estoppel by representation, which enables courts to enforce a promise or representation by one party to a contract stating that it will not invoke a particular term of a contract or rely upon a particular provision of law if the other party has acted to ...
A term is a condition (rather than an intermediate or innominate term, or a warranty), in any of the following five situations: (1) statute explicitly classifies the term in this way; (2) there is a binding judicial decision supporting this classification of a particular term as a "condition"; (3) a term is described in the contract as a ...
Warranties are less important terms whose violation does not void the contract, but might entitle one of the parties to receive monetary damages. [4] In contract law, property law and constitutional law, "term" may mean a period of time over which a lease, office, or other privilege is held, for example in "fixed-term contract".