Join Date: Feb 2010
Location: Narragansett Bay
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Re: What Is A Boat Really Worth?
.......that the Sailboat is in normal operating condition for a vessel of its age; and that Seller has no knowledge of any material defect(s) in the Sailboat, patent or latent, except as follows:.......
Good example of form over function. In order to actually make demand on default of this provision, the buyer would have to first establish the definition of the standard to a court and then prove it wasn't met. In Julie's case, those legal fees would grossly exceed the value of the survey costs she was trying to recover.
Further, this contract neither defines the Seller's right to remedy, which the courts would either not like and void the provision or potentially define themselves, nor the consequence of default. More legal fees to sort it all out later.
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In the harsh marine environment, something is always in need of repair. Margaritas fix everything.