Most contracts speak of "representations and warranties," which basically speak to the parties' understand of each others' capabilities to perform the agreed-upon contract. Most law students, and many (possibly most) practicing lawyers, could not tell you the difference between a "representation" and a "warranty" in a contract. This article does explain that difference, but further highlights why that difference is no longer relevant, and what implications this holds for contract drafting.
- Summary by FizzLaw Team
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An Important Step to Drafting Clear, Concise Contracts: Understanding “Representations and Warranties”