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Explain What Is Meant by an Implied Warranty of Habitability

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Essay

Explain what is meant by an implied warranty of habitability and how this doctrine has changed the common law approach with respect to residential leases.


Definitions:

Endowment Contributions

Financial gifts provided to an institution, typically with the stipulation that the principal remains intact while the investment income is used for organizational purposes.

Restricted Fund

Funds that are earmarked for a particular purpose or project by donors or grantors and cannot be freely used for any other expenditures.

Investment Income

Income earned from investments, including dividends, interest, and capital gains from securities, real estate, or other assets.

Deferral Method

An accounting practice where certain revenues or expenses are deferred to a future accounting period to better match revenues with expenses.

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