These terms are the building blocks of contracts. This lesson provides an overview of them. After running the lesson, you should be able to distinguish the different terms, recognize them when you find them in a contract, understand the legal effects that follow from their use, and decide which one is appropriate to use when drafting a term in a contract.
On completion of the lesson, the student will be able to:
1. Distinguish between a promise, a condition, a warranty, and a representation.
2. Recognize these concepts when they are used in a contract.
3. Explain the legal effect of each concept.
4. Determine which concept to use when drafting a term in a contract.