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LSDefine
Simple English definitions for legal terms
promissory warranty
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A quick definition of promissory warranty:
A promissory warranty is a promise made by someone who is selling or transferring property or goods. They promise that the property or goods are theirs to sell and that there are no problems with them. If there are any problems, the seller promises to fix them or compensate the buyer. This promise is important and legally binding. It can also be written or spoken.A more thorough explanation:
A promissory warranty is a type of warranty that is made by the seller or grantor of a property or product. It is a promise that the property or product being sold is as represented or promised. If the property or product fails to meet the promised specifications, the seller or grantor is obligated to compensate the buyer or grantee.
For example, if a car dealer promises that a car has a certain level of performance and features, but it fails to meet those specifications, the dealer is obligated to compensate the buyer. Similarly, if a seller of a property promises that the property has a clear title and is free of liens or encumbrances, but it turns out that there are liens or encumbrances, the seller is obligated to compensate the buyer.
Promissory warranties can be express or implied. An express warranty is created by the overt words or actions of the seller, while an implied warranty arises by operation of law because of the circumstances of a sale, rather than by the seller's express promise.