NEWSLETTER-2019-metin

43 COMMERCIAL LAW also liable for the material, legal, or economic defects incompatible to the qualifications or quantity affecting the qualifications, and reduc- ing or disposing of the benefit which the purchaser has anticipated for its intended use. ” Accordingly, the liability of warranty under sale agreements ap- pears statutory or contractually. The statutory warranty is the liability arising from the absence of the qualifications that are, under usual circumstances, expected to exist in the product, which are subject to the sale agreement, and the defects that decrease its value 2 . Contractual warranty, on the other hand, is the liability arising from the lack of qualifications of the sale product that the seller has so notified. In the event that the seller is liable for defects, the purchaser has the following optional rights : • To revoke the agreement through a notification, including its intention to return the subject of the sale, • Discount on the price, • In the event that it does not require excessive expense, repair of the sale subject, or • If possible, replacement of the sale subject with a non- defective equivalent of it. Liability concerning Representations and Warranties under Share Purchase Agreements Shares constitute the fundamental subject of share purchase agreements. Therefore, in principal, the main obligation of the seller arises from defects concerning the shares. Due to the lack of specific provisions on representations and warranties under the share purchase agreements, the said obligation is subject to general provisions. Ac- cordingly, the seller primarily represents that the shares are duly is- 2 Ayan, Nurşen : “Taşınır Satımında Satıcının Kanundan DoğanAyıba Karşı Tekef- fül Borcu,” https://dergipark.org.tr/tr/download/article-file/262681 (Access date: 22.12.2019).