An express warranty is a written or oral guarantee that promises a level of quality or performance for a product. The Federal Trade Commission's (FTC) Magnuson-Moss Warranty Act, which regulates warranties for consumer products, defines an express warranty as "any affirmation of fact or promise made by the seller to the buyer which relates to the goods and becomes part of the basis of the bargain."
An express warranty can be created in several ways. It may be included in product packaging, on a hang tag, on a label, or in an advertisement. It can also be verbal, such as when a salesperson tells a customer that a product is covered by a warranty.
The FTC requires that any express warranty on a product be clear and conspicuous. The warranty must state the terms and conditions of coverage, and it must be easy for consumers to find and understand.
If a product comes with an express warranty, the manufacturer or seller is promising that the product will meet certain standards. If it doesn't, the consumer may be entitled to a refund, repair, or replacement, depending on the terms of the warranty.
An express warranty is different from a implied warranty, which is an unwritten guarantee that a product is fit for its intended purpose. All products come with an implied warranty of merchantability, which means that they must be able to do what they are supposed to do. For example, a toaster must be able to toast bread. An implied warranty of fitness for a particular purpose applies when a customer buys a product for a specific use and the seller knows or has reason to know of that use.
Where shall an express warranty be made quizlet?
The answer to this question can be found in the textbook "Principles of Microeconomics" by N. Gregory Mankiw. In Chapter 9, section 9.4, the textbook discusses the different types of warranties that can be offered by a firm. The section begins by discussing the two main types of warranty: the manufacturer's warranty and the retailer's warranty. The manufacturer's warranty is a warranty that is provided by the manufacturer of a product and is typically valid for a certain period of time after the purchase of the product. The retailer's warranty is a warranty that is provided by the retailer of a product and is typically valid for a certain period of time after the purchase of the product. The section then goes on to discuss the different types of express warranty that can be offered by a firm. The first type of express warranty is the "full warranty." The full warranty is a warranty that provides the customer with a full refund or replacement of the product if the product is defective. The second type of express warranty is the "limited warranty." The limited warranty is a warranty that provides the customer with a limited refund or replacement of the product if the product is defective. The section then discusses the different types of implied warranty that can be offered by a firm. The first type of implied warranty is the "warranty of merchantability." The warranty of merchantability is an implied warranty that the product will be fit for the purpose for which it was purchased. The second type of implied warranty is the "warranty of fitness for a particular purpose." The warranty of fitness for a particular purpose is an implied warranty that the product will be suitable for the specific use for which it was purchased.
Is a guarantee the same thing as an express warranty? A guarantee and an express warranty are both assurances made by a seller about the quality of their product. A guarantee is typically a more general statement about the product, while an express warranty is more specific and often includes a detailed description of the terms of the warranty.
What is warranty and its types?
A warranty is a type of guarantee that a manufacturer or seller makes about the quality of a product. It is usually offered in addition to the standard product warranty and provides protection against certain types of problems or damage. There are two main types of warranties: extended warranties and service contracts.
An extended warranty is an agreement between the buyer and the manufacturer or seller that provides for additional coverage beyond the standard product warranty. Extended warranties typically cover repairs or replacements for a set period of time, and may be offered for products with a higher risk of malfunction or damage.
A service contract is an agreement between the buyer and a service provider that covers repairs or maintenance for a set period of time. Service contracts are often offered for products that require regular maintenance, such as vehicles.
What is an express warranty UCC? An express warranty under the Uniform Commercial Code (UCC) is a written statement by the seller that assures the buyer that the product purchased will meet certain standards. The UCC provides that an express warranty can be created by the seller's affirmation of fact or promise about the product, by the seller's description of the product, or by the seller's use of a sample or model of the product. An express warranty can also be created by an implied warranty, which is a warranty that is created by the law even if the seller does not make any explicit warranty about the product.
How do warranties work?
Warranties are a type of insurance that protect consumers against defects or problems with products they have purchased. Warranties can be purchased for a wide variety of products, including electronics, appliances, and automobiles. Most warranties are purchased from the manufacturer of the product, but some are offered by retailers or third-party companies.
There are two main types of warranties: service contracts and extended warranties. Service contracts are agreements between the consumer and a service provider that cover repairs or replacements for a specified period of time. Extended warranties are similar to service contracts, but they are offered by the manufacturer or retailer of the product and cover the cost of repairs or replacements beyond the original warranty period.
Warranties are typically purchased at the time of purchase, but some can be added later. The cost of a warranty depends on the type of product, the length of the coverage, and the provider. Warranties typically range in cost from a few dollars to several hundred dollars.
Warranties are typically valid for a specific period of time, such as one year, and cover a specific type of problem, such as defects in materials or workmanship. Some warranties also have limits on the number of repairs that can be made or the amount of money that will be refunded if the product is not repaired.
Warranties are generally not transferable, so they can only be used by the original purchaser of the product. If a product is sold to a second owner, the warranty is usually void.
Warranties can be an important part of the purchase decision, especially for expensive items. Warranties can give consumers peace of mind by providing protection against unexpected repairs or replacements.