Unit - 47 : Conditions and Warranties Contract means an agreement enforceable by law. There must be lawful proposal by one party and the other party must accept the proposal to enter into a contract.
Every contract of sale of goods has certain stipulations , terms and conditions regarding the nature , quality , quantity of goods etc.
A stipulation is a contract of sale with reference to goods are classified on their importance as condition or a warranty.
If the stipulation agreed to between the parties is essential to the main purpose of the contract and is of such a nature that if stipulation is breached ( violated /not compiled ) then the party to the agreement would have a right to treat the contract as repudiated ( cancelled ) then such a stipulation is known as a condition .
Warranty is a stipulation collateral to the main purpose of the contract. The breach of such a stipulation gives rise to a claim for damages only . The parties cannot reject the goods and treat the contract as repudiated .
CAVEAT EMPTOR : ( Buyer Beware ) Caveat means a warning , a caution . According to the doctrine of caveat emptor, the person who buys goods must keep his eyes open, his mind active, and be cautious while buying the goods. There is no implied warranty or condition as to the quality of goods for any particular purpose.