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CPT Chapter Condition and Warranty

CA CPT Exam  

With Bharat Galani.Duration:1hrs 51min

Conditions & WarrantiesDuration (min:sec)
Overview02:47
Stipulation to contract11:46
Condition vs. Warranty09:19
Express and Implied03:41
Implied Conditions30:47
Implied Warranty19:38
Condition becoming warranty06:23
Quiz06:27
Caveat Emptor03:37
Exception to Caveat Emptor04:57
Quiz01:22
Final Quiz09:38
Conclusion01:18
Total01:51:40

Notes

Index

Stipulation: Conditions & Warranty
Expressed Conditions & Warranty
Implied Conditions
Implied Warranty
Condition becomes Warranty
Caveat Emptor

Stipulation

Terms of purchase are stipulation of contract
Two Types:
1. Conditions - Essential to Main contract (Major)
2. Warranty - Collateral to Main contract (Minor)
Ex- Car Feature vs Car Mileage

Express & Implied

Express- Agreed upon at the time of contract
Implied - Presumed to be present by law

Implied Condition

1.Condition as to Title
2.Sale by Sample
3.Sale by Description
4.Sale by Both sample as well as description
5.Condition as to Merchantable Quality
6.Condition as to Wholesomeness
7.Condition as to quality or Fitness for Particular purpose

Condition as to Title

Existing Goods- Has Right to sell
Future Goods- Will have Right to sell
Remedies- Return goods & recover price

Merchantable Quality

quality & condition of goods- man of ordinary prudence
Conditions:-
(a) That the goods are free from latent defects
(b) That the goods are marketable at their full value
(c) That the goods can be used for the purpose for which they are bought by prudent persons
Ex- clock late by 5 mins every hour

Implied Condition

1.Condition as to Title
2.Sale by Sample
3.Sale by Description
4.Sale by Both sample as well as description
5.Condition as to Merchantable Quality
6.Condition as to Wholesomeness
7.Condition as to quality or Fitness for particular purpose

Implied Warranty-
1.Warranty as to undisturbed (quiet) possession
2.Warranty as to non-existence of encumbrances
3.Disclosure of dangerous nature of goods
4.Warranty as to quality or fitness by usage of trade - Ripe
Breach- Suit

Implied Warranty-
1.Warranty as to undisturbed (quiet) possession
2.Warranty as to non-existence of encumbrances
3.Disclosure of dangerous nature of goods
4.Warranty as to quality or fitness by usage of trade - Ripe

Breach of warranty – Suit for damages
Diminution or extinction of price, Refusal to pay the price of goods, Suit for loss exceeding price of good
Quality EDUcation

Condition be treated as warranty-
i. Buyer waives the performance of condition
ii. Buyer treats breach of condition as warranty
iii. Contract Not separable, buyer accepted whole or part of goods.
iv. Excused by Law for impossibility


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