Distinguishing these categories determines what happens when something goes wrong.
Representations are statements of fact, made as of a stated time. A false representation supports a claim for breach and, where the elements are met, for misrepresentation. In transactions they are the diligence mechanism: the seller states facts, the buyer relies, and the indemnity allocates the risk of error.
Warranties are promises that a statement is true, with breach giving a damages claim without the need to prove reliance in most formulations.
Covenants are promises to do or refrain from doing something. Breach gives a claim for damages and, if material, a right to terminate.
Conditions are events that must occur before an obligation arises. Failure of a condition does not by itself create a claim; it means the obligation never became due. Conditions are how closing works and how insurance coverage is structured.
Drafting consequences. Words like if, unless, provided that and subject to create conditions; shall and agrees to create covenants. Courts disfavour forfeiture and will construe an ambiguous term as a covenant rather than a condition where the result would otherwise be disproportionate.
Practical significance. Whether a party may walk away, or must perform and sue, turns entirely on this classification.