BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A guarantee is a promise or assurance from the manufacturer or seller that the product will work as described or meet specific quality standards. If it doesn’t, the manufacturer will fix or replace it. Guarantees are of no cost to the buyer and can be offered for both products and services.

Detailed explanation-2: -Warranty-(1) A guarantee of the performance of a product. Product warranties are included within the definition of the named insured’s product in general liability policies. (2) A statement of fact given to an insurer by the insured concerning the insured risk which, if untrue, will void the policy.

Detailed explanation-3: -In general, a warranty is a promise, assurance, or statement made by the warrantor regarding the existence or accuracy of specific facts or the condition, quality, quantity, or nature of a good or property. There are express and implied warranties, both of which are legally binding commitments.

Detailed explanation-4: -A warranty is a product manufacturer or service provider’s documented guarantee of quality as promised to a customer. Warranties provide customers with legally-ensured service replacement or correction of issues insofar as the warranty stipulates in its conditions, for the duration of its term.

Detailed explanation-5: -There are three kinds of warranties: express, implied warranty of merchantability, and implied warranty of fitness. A lawsuit based solely on a breach of warranty is a breach of contract lawsuit. “Express” warranties are specific guarantees made by a seller about the product.