Warranty
A guarantee or assurance about the quality, condition, or performance of a product or property. Can be express (stated) or implied (by law).
Encyclopedia entry: Warranty
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warranty
In general, a warranty is a promise, assurance, or statement made by the warrantor regarding the existence or accuracy of specific facts or the condition, quality, quantity, or nature of a good or property. There are express and implied warranties, both of which are legally binding commitments.
In contracts , a warranty is a stipulation that makes part of the contract. Therefore, the warrantor must strictly comply with the warranty. Otherwise, there would be a breach of warranty .
Warranty and guarantee do not have the same legal meaning.
[Last reviewed in August of 2024 by the Wex Definitions Team
]
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Encyclopedia content from Cornell LII Wex (CC-BY-NC-SA 2.5).
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.