Often time, many people go into contract to buy a particular good without even reading through the essential statements contained in the terms of the contract. The stipulation in a contract of sale with reference to goods which are the subject thereof may be a condition or a warranty.
Conditions
A condition is a stipulation essential to the main purpose of the contract, the breach of which gives rise to a right to treat the contract as repudiated. In some circumstances to a breach of the conditions of a contract, the innocent party cannot repudiate the contract but can merely claim damages. Generally, the statement of conditions of a contact is very vital and binding for the sales of good to be completed.
Warranty
A warranty unlike the conditions, is a stipulation collateral to the main purpose of the contract, the breach of a warranty gives rise to a claim for damages but not to a right to reject the goods and treat the contract as repudiated. Warranty often deals with the functionality and purpose for which the good is meant to fulfil or offer.
The stipulation of a contract whether it's a condition or a warranty depends in each case on the construction of the contract. Stipulation as to time would be considered only if the contract indicates the exact time to which the payment must be made. If the time is not mentioned or silent, that means that the buyer may pay at the date agreed upon and the seller can not repudiate the contract.
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