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Warranty (Goods) - Explained

What is a Warranty?

Written by Jason Gordon

Updated at September 28th, 2021

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Table of Contents

What is a Warranty?Academic Research on Warranty

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).

Back to: OPERATIONS, LOGISTICS, & SUPPLY CHAIN MANAGEMENT

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

Academic Research on Warranty

  • A theory of the consumer product warranty, Priest, G. L. (1980). A theory of the consumer product warranty. Yale LJ, 90, 1297.
  • Warranty and other extrinsic cue effects on consumers' risk perceptions, Shimp, T. A., & Bearden, W. O. (1982). Warranty and other extrinsic cue effects on consumers' risk perceptions. Journal of Consumer research, 9(1), 38-46. 
  • New product warranty: A literature review, Murthy, D. N. P., & Djamaludin, I. (2002). New product warranty: A literature review. International Journal of Production Economics, 79(3), 231-260. 
  • Product warranty managementI: A taxonomy for warranty policies, Blischke, W. R., & Murthy, D. N. P. (1992). Product warranty managementI: A taxonomy for warranty policies. European journal of operational research, 62(2), 127-148. 
  • The implied warranty of merchantable quality, Prosser, W. L. (1943). The implied warranty of merchantable quality. Can. B. Rev., 21, 446.
  • Determination of warranty reserves, Menke, W. W. (1969). Determination of warranty reserves. Management Science, 15(10), B-542. [PDF]
  • Warranty cost analysis for second-hand products, Chattopadhyay, G. N., & Murthy, D. N. P. (2000). Warranty cost analysis for second-hand products. Mathematical and Computer Modelling, 31(10-12), 81-88. 
  • Optimal reliability, warranty and price for new products, Huang, H. Z., Liu, Z. J., & Murthy, D. N. P. (2007). Optimal reliability, warranty and price for new products. Iie Transactions, 39(8), 819-827. 
  • Methods for the analysis and prediction of warranty claims, Kalbfleisch, J. D., Lawless, J. F., & Robinson, J. A. (1991). Methods for the analysis and prediction of warranty claims. Technometrics, 33(3), 273-285.
  • Unmasking the Test for Design Defect: From Negligence [to Warranty] to Strict Liability to Negligence, Birnbaum, S. L. (1980). Unmasking the Test for Design Defect: From Negligence [to Warranty] to Strict Liability to Negligence. Vand. L. Rev., 33, 593.
warranty product warranty

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