Definition & Meaning:

A warranty is a legal assurance or guarantee provided by a seller or manufacturer regarding the quality, performance, or condition of a product or service.

It represents a promise made to the buyer that the product or service will meet certain standards or specifications, and that the seller will be responsible for addressing any defects or issues that arise.

For example, when you purchase a new smartphone, the manufacturer may offer a warranty that covers defects in materials or workmanship for a specified period of time.

If the phone malfunctions due to a manufacturing defect during the warranty period, the manufacturer will repair or replace it at no cost to you.

Warranties can be express or implied. Express warranties are explicitly stated by the seller or manufacturer, either verbally or in writing, and typically include specific terms and conditions regarding coverage, duration, and remedies.

Implied warranties, on the other hand, are not explicitly stated but are automatically implied by law based on the nature of the transaction and the expectations of the parties involved.

Warranties play an important role in consumer protection by providing buyers with recourse in case of product defects or failures.

They give consumers confidence in the quality and reliability of the products and services they purchase and incentivize sellers and manufacturers to uphold high standards of quality and customer satisfaction.

However, it’s essential to read and understand the terms and conditions of warranties before making a purchase to know what is covered, what is excluded, and what actions you need to take to make a warranty claim.

Failure to comply with the requirements outlined in the warranty may result in the denial of coverage or limitations on remedies available to you.