ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -What is guarantee? Guarantee definition: A guarantee is a promise made by the manufacturer to the consumer that if the product is of poor quality or fails to meet the requirements promised, then the consumer can get the product repaired, replaced, or refunded.

Detailed explanation-2: -A guarantee is a promise or assurance from the manufacturer or seller that the product will work as described or meet specific quality standards.

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 period is the period of time that warrant free repair and adjustment services in case of a malfunction occurred under normal use that has followed instruction manuals. The period varies according to manufacturers, retailers, and products.

Detailed explanation-5: -There are two types of warranty; express warranties and implied warranties, including merchantable warranties and warranties of fitness.