Warranty

Warranty in terms of the goods that are being purchased is can be in simple terms defined as the “concurrence between a buyer and a seller under which the seller will fix the problems at free cost for that particular good which he has sold.”

To define it in a more precise way it is a guarantee given to the consumer by a company assuring that the product is trustworthy and free from well-known defects and at the same time the seller will repair or replace the parts in a given time period under some conditions without any charge. A warranty may be “express or implied.”

Similarly in terms of legal transactions and in business a warranty is a “declaration by one party to the other party regarding the fact that certain essentials or situation are factual or will take place; and the other party is acceptable to rely on that promise and try to find out some type of solution if it is not factual or followed.

Warranty defined in case of the real estate transactions, “is a guarantee that the buyer's title to a parcel of land will be safeguarded.”

• Express Warranty: It is a guarantee given by the seller side to a product and which has the information about the product the quality and its performance and what are the terms and conditions under which the product can be repaired or returned or replaced. It is mostly in the form of a written document.
  • It could be understood more clearly by an e.g. an ad telling about the product is frequently full of express warranties; the product must to a large extent match to what is being advertised. Numerous advertisers place in disclaimers for this purpose (e.g., "actual size/mileage/color/results may vary.
• Implied warranty: It is the one that arises from the nature of the business, and instead of getting the information from the seller the buyer himself intrinsically understands about the product.

A life time warranty is a guarantee given to the lifetime for the product rather than to the consumer lifetime. If a product is not available and is discontinued its warranty may be only for a limited period of time.

Questions:

• What are the legal aspects that are to be followed in the warranties?
• What is meant by car warranty?