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latent defect |
Also found in: Wikipedia | 0.20 sec. |
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latent defect n. a hidden flaw, weakness or imperfection in an article which a seller knows about, but the buyer cannot discover by reasonable inspection. It includes a hidden defect in the title to land, such as an incorrect property description. Generally, this entitles the purchaser to get his/her money back (rescind the deal) or get a replacement without a defect on the basis of "implied" warranty of quality that a buyer could expect ("merchantability"). Even an "as is" purchase could be rescinded if it could be shown the seller knew of the flaw. (See: warranty, implied warranty, product liability) |
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? References in periodicals archive |
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The used boats have proven to be good values, particularly since any latent defects had made themselves known by the time I got them. Loss or damage caused by or resulting from fungus, rust, corrosion, decay, hidden or latent defect or any quality in a property that causes it to damage or destroy itself. A buyer can accordingly obtain considerably more comfort that the assets acquired do not have any remaining liabilities attached to them (other than possibly environmental or latent defect liabilities). |
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latent defect
