"Condition" and "Warranty" are two essential ideas in the context of commercial transactions and contracts that outline the rights and responsibilities of the parties concerned. They are terms that are frequently used in sales and purchase agreements, service contracts, and other commercial agreements. Let's take a closer look at each of these terms:

Condition:

A condition is a fundamental and necessary term of a contract that has a direct impact on the contract's main purpose and performance. It refers to a specific state or quality that must be met in order for the contract to be valid and enforceable. If a condition is not met, the aggrieved party may be able to terminate the contract, claim damages, or seek other remedies. In other words, requirements are important to the contract and must be met.

For example, in a car sales contract, a condition might be that the car be in good functioning order at the time of delivery. If the car is delivered in an unusable condition, the buyer may be able to reject it and demand a refund or replacement.

Warranty:

A warranty, on the other hand, is a contract term that gives an assurance or guarantee about the quality, performance, or condition of the products or services being offered. Warranties, unlike conditions, are not required for the contract to exist, but they do play an important role in establishing confidence between the parties.

Warranties might be expressed or implied. Express warranties are those that are mentioned expressly in the contract or through the seller's representations, whereas implied warranties are those that are enforced by law or derive from the facts of the sale. The warranty of merchantability (the goods are reasonably fit for their ordinary purpose) and the warranty of fitness for a particular purpose (where the seller knows or has reason to know the buyer's specified purpose for the goods) are two common implied warranties.

For example, if you buy an electrical equipment with a one-year warranty, the vendor ensures that the device will be free of faults in materials and workmanship for one year. If the gadget fails within that time frame, the seller is required to replace it.

Consumer protection laws in some jurisdictions may give customers additional rights and remedies, such as statutory warranties that are automatically granted regardless of the seller's assertions.

To minimize disputes and maintain fair interactions, both buyers and sellers must thoroughly comprehend the conditions and warranties included in a contract. Parties should pay special attention to these words when writing or entering into a contract and obtain legal counsel if necessary to ensure their rights and obligations are effectively safeguarded.