Limited warranty


Also found in: Acronyms.

Limited warranty

A warranty with certain conditions and limitations on the parts covered, type of damage covered, and/or time period for which the agreement is good.

Limited Warranty

An agreement between a seller and a buyer in which the seller agrees to pay for damage to a good under certain conditions. For example, the limited warranty may only cover certain types of damage and/or damages up to a certain amount. For example, if one buys a computer with a limited warranty, the seller may refuse to pay for damages from water or deliberate abuse. See also: Unlimited warranty.
References in periodicals archive ?
If there's a moral to the yacht case," says Wilde, "it's to have a lawyer who knows the UCC write a limited warranty for your sales contract.
A limited warranty sufficient to exclude or modify a housing merchant implied warranty must be written in plain English and must clearly disclose that the warranty is a limited warranty which limits implied warranties on the sale of the new home and the words "limited warranty" must be clearly and conspicuously captioned at the beginning of the warranty document.
The limited warranty must be extended to the first owner of the home and survive the passing of title but may exclude any, or all, subsequent owners.

Full browser ?