Definition from Nolo’s Plain-English Law Dictionary
A term in a sales contract providing that the buyer agrees to take property, such as a house, horse, auto, or appliance in its present condition, without the right to complain if it is faulty. However, the buyer must have had the right to reasonable inspection of the property, so that he or she has a chance to find any obvious deficiency before purchase.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:11 pm