Do you have questions about statutory rights? Would you like to understand statutory rights, compensation and guarantees correctly and differentiate them?
Compensation means the sum of statutes which regulate when a person who has suffered a loss can claim for their loss from another person. Example: If the seller delivers defective goods or services, this will often become a dispute.
Have you entered into a contract for consideration, then the statutory rights are the legally regulated liability of your contractual counterpart for the defect which manifested itself when the contractually agreed performance took place.
Statutory rights and guarantee are often confused in real life. In contrast to the statutory rights – given as a legal obligation – the guarantee only arises when a voluntary guarantee agreement was provided.
How the statutory rights and guarantees are different in content depends significantly on the content of the guarantee agreement. In real life, guarantee agreements often consist of an extension of the statutory rights.
The classification of the specific facts is often challenging. In this case, you need expert legal advice – my firm will advise you competently.