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Stipulation (Conditions and Warranties)
Corporate & Other Laws
Does stipulation refers to a term or condition that is included in the contract, either explicitly or implicitly, and imposes a duty, obligation, or limitation on one or both parties ? Also is this following an example of stipulation ? Example - if a buyer agrees to purchase a particular quantity of goods from a seller at a specified price, the quantity and price terms would be considered stipulations in the contract. If not that what is stipulation in simple words ?
Answers (1)
Price and quantity etc. would be considered terms of contract, not stipulations. Stipulation is representation which forms a part of the contract of sale and affects it. It can be either condition or warranty. Example: You go to a shop and say you need a product which is suited to a specific condition say a soap suited to particular skin. Now, if shopkeeper gives you a soap which is not suited to that skin, stipulation (condition) has not been met.
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