MANAGEMENT

Detailed explanation-1: -Warranty – a written guarantee, issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary within a specified period of time.

Detailed explanation-2: -An express warranty is one that is clearly stated (or “expressed") either verbally or in writing, while an implied warranty automatically covers most consumer goods valued over a certain amount, but only provides a base level of protection for consumers.

Detailed explanation-3: -A warranty is a guarantee from a manufacturer or seller that defective products will be repaired or replaced.

Detailed explanation-4: -There are two types of warranty; express warranties and implied warranties, including merchantable warranties and warranties of fitness.

Detailed explanation-5: -A guarantee is much less formal than a warranty. The guarantee is free of cost, but the warranty can be chargeable. Guarantees can be either oral or written, whereas warranties are usually written and thus easily proven. The guarantee acts as a promise made by the manufacturer.