Warranty (Goods) - Explained
What is a Warranty?
Written by J. Mance Gordon
Updated at April 17th, 2024
- Marketing, Advertising, Sales & PR
- Accounting, Taxation, and Reporting
- Professionalism & Career Development
-
Law, Transactions, & Risk Management
Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
- Business Management & Operations
- Economics, Finance, & Analytics
What is a Warranty?
A warranty is an assurance or guarantee that a manufacturer or a seller of a product would repair or change the product purchased by a buyer if it breaks or malfunctions during the warranty period. Here are the key points to note about warranties:
- Terms of warranties vary from company to company.
- There are often limits or criteria that must be followed before a warranty can be claimed.
- There are some reasons that can cause a warranty to be denied, (such as misuse of product, alterations, and modifications parts of the product).
Related Topics
- What is a Product?
- What Types of Product are There?
- Durable Goods
- How are Goods Different from Services?
- What Components do Products Include?
- What is Product Quality?
- Perceived Value of a Product
- Why is Product Packaging Important?
- White Label Product
- What is Product Warranty?
- Innovation Adoption Curve
- Product Life Cycle