warranty

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Warranty

A guarantee by a seller to a buyer that if a product requires repair or remedy of a problem within a certain period after its purchase, the seller will repair the problem at no cost to the buyer.

Warranty

A guarantee that the manufacturer of a product will repair damage or defects for free for a certain period of time. For example, a computer often comes with a warranty for a year. If the computer breaks in the first year of ownership, the manufacturer will repair or replace it without cost to the computer owner. Most warranties are limited warranties, meaning that there is a maximum amount the manufacturer will pay for repairs and/or that certain damage is not covered by the warranty. For example, a warranty on a computer generally does not cover water damage. Some warranties come with a product while others are purchased separately. Often, one may purchase an unlimited warranty, which has no constraints, or an extended warranty, which has a longer expiry, in addition to the ordinary warranty.

warranty

see GUARANTEE.

warranty

see QUALITY.

warranty

An express or implied promise arising out of a contract or a transfer of interests in real estate.An express warranty would be a manufacturer's warranty that an appliance will be defect free for 12 months. The “warranty of fitness for a particular use and purpose” is an implied warranty, imposed by the law,that a product will be safe if used in the manner in which it is intended.The contents of written warranties on consumer products are covered by the federal Magnusson-Moss Act, passed in 1975.It includes goods attached to or installed on real property. See alsowarranty deed.