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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

warranty

see GUARANTEE.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

warranty

see QUALITY.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Sellers of goods are deemed by law to give implied promises of "merchantability" and "fitness" unless they specifically limit or disclaim those warranties. "Merchantability" includes a host of things, such as that everything in a container matches the label (e.g., no fingernails in a can of peas), and that the items are of "fair average quality" (your new T-shirt doesn't shrink 50 percent after the first wash).
Why would manufacturers spend a small fortune to establish viable warranties if they mean nothing to consumers or builders?
Two major issues surround such warranties: (1) whether the statement or promise is a fact rather than merely "puffing;" and (2) whether the statement is of a kind that reasonably could play a role in the buyer's decision.
Intended to lengthen the coverage period, extended warranties are designed similarly to manufacturer warranties--with a few differences.
We have seen warranties that will pay for parts and labor at the owner's shop--most of those place limits on the number of hours of labor for various repairs.
IAP is suggested to issue a circular along with the IAP approved cotton warranties form to all concerns including the adjusters in order to resolve this issue once for all.
* Our previous warranties stated that the warranty does not apply if the warranty seal on the product has been altered or removed.
Building owners tend to think of warranties as insurance policies, but they're not.
In such a scenario, extended warranties help the users buy the product without any worry for future expenses.
This is why you will sometime see warranties referred to as an "extended guarantee".
(2) With a general rise in housing prices and the housing market in the United States the past couple of years, (3) the sale of home warranties reportedly rose eight percent from 2014 to 2015.