Accounting dictionary. 2014.
representation and warranty — A clause in a loan agreement in which the borrower gives a contractual undertaking confirming certain fundamental facts. These will include the borrower s power to borrow and to give guarantees, as well as confirmation that it is not involved in… … Big dictionary of business and management
warranty — war·ran·ty / wȯr ən tē, wär / n pl ties [modification (influenced by warrant ) of Anglo French garantie, from garantir to protect, warrant] 1: a promise in a deed that gives the grantee of an estate recourse (as through an action for damages)… … Law dictionary
representation — rep·re·sen·ta·tion n 1: one that represents: as a: a statement or account made to influence opinion or action compare warranty 3 b: an incidental or collateral statement of fact on the faith of which a contract is entered into the contract of… … Law dictionary
representations and warranties — USA A representation is an assertion as to a fact, true on the date the representation is made, that is given to induce another party to enter into a contract or take some other action. A warranty is a promise of indemnity if the assertion is… … Law dictionary
warranty of authority — a promise that one is an authorised agent. Where an agent has contracted as an agent (rather than personally) the agent cannot be made personally liable to the third party who has contracted with him. If, however, the agent had no authority to… … Law dictionary
Warranty — In commercial and consumer transactions, a warranty is an obligation or guarantee that an article or service sold is as factually stated or legally implied by the seller, and that often provides for a specific remedy such as repair or replacement … Wikipedia
warranty — A promise that a proposition of fact is true. The Fred Smartley, Jr., C.A.Va., 108 F.2d 603, 606. An assurance by one party to agreement of existence of fact upon which other party may rely. It is intended precisely to relieve promisee of any… … Black's law dictionary
representation — A statement of a fact, truthful or untruthful. Within the meaning of the law of fraud: anything short of a warranty, proceeding from the words, act, or conduct of the party charged, which is sufficient to create upon the mind a distinct… … Ballentine's law dictionary
breach of warranty of authority — conduct contrary to the representation that one is an agent for a principal (See agency). Where an agent has contracted as agent (rather than personally), in general he cannot be made personally liable on the contract. An exception to this rule… … Law dictionary
fraudulent representation — noun : a representation that a past or present material fact is true which is made in any manner or form with the intention of inducing someone to act thereon and by one who either knows of its falsity or is ignorant of its truth or falsity or… … Useful english dictionary
