Implied Warranty

Breach of Warranty
A breach of warranty occurs when there is an infraction of an express or implied agreement concerning the title, quality, content, or condition of a thing sold. It can result in legal ramifications for the seller if the warranty given does not hold true.
Implied Warranty
An implied warranty is a legal term referring to the assurance that a product or service meets certain standards of quality and functionality, even if this warranty is not explicitly stated in writing. It contrasts with an express warranty, which is explicitly communicated.
Warranty of Habitability
The warranty of habitability is an implied assurance given by a landlord that an apartment offered for rent is free from safety and health hazards.

Accounting Terms Lexicon

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