implied warranty

   A warranty on goods and services that is not explicit but is assumed. An implied warranty of "merchantability" guarantees quality and performance, and that the new item will work for its specified purpose. An implied warranty of "title" guarantees that the seller has the legal right to sell the goods. An implied warranty of "fitness" guarantees that the item will fulfill a specific purpose that the buyer has made clear to the seller that he or she wants it for. See caveat emptor.

Business law dictionary. 2015.

Look at other dictionaries:

  • implied warranty — see warranty 2a Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. implied warranty …   Law dictionary

  • implied warranty — ➔ warranty * * * implied warranty UK US noun [C] COMMERCE, LAW ► a warranty to replace or repair a product or do a piece of work again, which is not in writing but is understood: »The purchaser should not accept any argument that implied… …   Financial and business terms

  • Implied warranty — Contract law Part o …   Wikipedia

  • implied warranty — noun : a warranty raised in the operation of law though not expressly made and arising out of a particular transaction for reasons of public policy (as, that a ship chartered is seaworthy, that food sold to people is fit for human consumption,… …   Useful english dictionary

  • implied warranty — A statement, description, or undertaking by the insured under a marine policy which binds the insured as though expressed in the contract. Procacci v United States Fidelity Ins. Co. 118 NJL 423, 193 A 180. In sale of personal property: a warranty …   Ballentine's law dictionary

  • Implied Warranty — Under a sales contract, whether written or oral, there is a guarantee that the item sold is merchantable and fit for the purpose intended. This guarantee arises by operation of law and is in addition to any expressed warranties that are provided… …   Investment dictionary

  • implied warranty — a warranty not stated explicitly by the seller of merchandise or real property but presumed for reasons of commercial or legal custom (distinguished from express warranty). [1930 35] * * * …   Universalium

  • implied warranty of fitness — A warranty implied by law that, if a seller knows or has reason to know a buyer will use property for a specific purpose, the property is suitable for that purpose. For example, if a buyer tells a seller he wants to purchase a watch suitable for… …   Law dictionary

  • implied warranty of fitness — means that when the retailer, distributor, or manufacturer has reason to know any particular purpose for which the consumer goods are required, and further, that the buyer is relying on the skill and judgment of the seller to select and furnish… …   Black's law dictionary

  • implied warranty of merchantability — A warranty implied by law that property is fit for the ordinary purpose for which it is used. Category: Small Claims Court & Lawsuits Nolo’s Plain English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009 …   Law dictionary

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