Warranty
A warranty is a guarantee or promise from a manufacturer or seller that a product or service will meet certain specifications or that it will be free from defects. It is a form of consumer protection that is designed to give buyers assurance that the product they are purchasing will meet their expectations. Warranties can be either expressed or implied, and they can be either written or verbal.
History of the Term
The concept of warranties dates back to ancient times, when merchants would guarantee the quality of their goods. In the United States, the first written warranty was issued in 1793 by the Philadelphia-based firm of William and John Rittenhouse. The warranty stated that the company would replace any goods that were found to be defective. Since then, warranties have become an integral part of consumer protection laws in many countries.
Comparison Table
| Type of Warranty | Length of Coverage |
|---|---|
| Express Warranty | Varies |
| Implied Warranty | Varies |
| Manufacturer’s Warranty | Varies |
| Extended Warranty | Varies |
Summary
A warranty is a guarantee or promise from a manufacturer or seller that a product or service will meet certain specifications or that it will be free from defects. Warranties can be either expressed or implied, and they can be either written or verbal. For more information about warranties, consumers can visit websites such as the Federal Trade Commission, Consumer Reports, and the Better Business Bureau.
See Also
- Consumer Protection
- Product Liability
- Lemon Law
- Return Policy
- Guarantee
- Contract
- Indemnification
- Insurance
- Recall
- Dispute Resolution
