As Is

As is (or as-is) is a legal term and concept used to disclaim liability for an item being sold. "As-is" denotes that the seller is selling, and the buyer is buying an item in whatever condition it presently exists, and that the seller is accepting the item "with all faults".

Related Topics:
Legal - Liability

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A seller of a used automobile, for example, sells his car to a buyer, and puts into the contract of sale, the statement: "The buyer accepts the automobile AS-IS, WITH ALL FAULTS". Two minutes after the buyer drives off with his shiny '87 Honda Accord, the engine seizes, and the car stalls. Unless the buyer can show that there was some fraud involved in the sale, he is stuck with the car without any recourse to return the car (now presumably being hooked up to a tow truck) to the seller, and gets his money back.

Related Topics:
Automobile - Contract of sale - '87 - Honda Accord - Engine - Fraud - Tow truck

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