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Related Content. An assurance or promise in a contract, the breach of which may give rise to a claim for damages. It is essentially a minor term of a contract.
A warranty is a type of guarantee that a manufacturer or similar party makes regarding the condition of its product. It also refers to the terms and situations in which repairs or exchanges will be made in the event that the product does not function as originally described or intended.
Under the implied category are three major subtypes: the implied warranty of merchantability (only given by merchants), the implied warranty of fitness for a particular purpose, and the implied warranty of title.
Extended Warranty. The term used to describe the contract between the vehicle owner and the coverage provider. Deductible. Mechanical breakdown. Named component coverage. Power Train. Wear and Tear.
There are two types of warranties: express warranties and implied warranties.
When you buy a TV and you have a written promise that it will be repaired for free if it breaks within the first year, this is an example of a warranty.
Types of Warranty. 1) Implied Warranty. a) Warranty of Merchantability. b) Warranty of Fitness For A Particular Purpose. c) Warranty of Title. 2) Extended Warranty. Guaranteed Ability To Repair. More Comprehensive Coverage. Peace of Mind. Savings. Increased Resale Value.