Re: sold a boat and it busted!
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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 buyer is accepting the item "with all faults", whether or not immediately apparent. This is the classic "buyer beware" situation, where the careful buyer should take the time to examine the item before accepting it, or obtain expert advice. Oddly, the seller is also saddled with "as-is" if the item being sold turns out to be much more valuable than thought.
On the other hand, if the item is misrepresented, then this disclaimer may be an ineffective defense. In other words, it may be purchased "as-is", but the buyer is stuck with it only if it substantially conforms to what the seller claimed it to be (an express warranty or representation may override a general express disclaimer).
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 making the sale (maybe it is actually a mismarked 1976 Gremlin), he is stuck with the car without any recourse to return the car to the seller, or to get his money back. This would be a specific example where fraud in the inducement could outweigh anything in the contract, express or implied: it simply doesn't matter what disclaimer or limitations may be found in the contract, if the contract is void (or voidable) for any reason.
