ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A warranty is a written guarantee which enables you to get a product repaired or replaced free of charge within a certain period of time. The equipment is still under warranty.

Detailed explanation-2: -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-3: -A warranty means that a manufacturer or seller will replace or repair an item under specific conditions and circumstances. Generally, the conditions and covered issues are outlined in the warranty document.

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: -A warranty is a legally binding commitment forming part of the sales contract which assures the buyer that the product or service is free from defects. A warranty often provides for a specific remedy such as repair or replacement in the event the article or service fails to meet the warranty.