What is the main difference between warranty and guarantee?
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What is the main difference between warranty and guarantee?
A warranty is a guarantee of the integrity of a product and of the maker’s responsibility for it. In a sense, guarantee is the more general term and warranty is the more specific (that is, written and legal) term.
What is the difference between warranty and guaranty?
The guarantee is a sort of commitment made by the manufacturer to the purchaser of goods, whereas Warranty is an assurance given to the buyer by the manufacturer of the goods. The guarantee covers product, service, persons and consumer satisfaction while warranty covers products only. The guarantee is free of cost.
What is an example of warranty?
When you buy a TV and you have a written promise that it will be repaired for free if it breaks within the first year, this is an example of a warranty.
What is difference between guarantee and indemnity?
Indemnity is when one party promises to compensate the loss occurred to the other party, due to the act of the promisor or any other party. On the other hand, the guarantee is when a person assures the other party that he/she will perform the promise or fulfill the obligation of the third party, in case he/she default.
What is a warranty answer?
A warranty is a guarantee from a seller that a defective product will be repaired or replaced within a specific time. A guarantee is a seller’s promise that a product will meet certain quality or performance standards. If not, it will be repaired or replaced.
What is warranty in business law with example?
Solved Examples on Concept of Condition and Warranty
| Difference Basis | Warranty |
|---|---|
| Nature | A warranty is only collateral to the main purpose of the contract. |
| Exemption from performance in case of a breach of the stipulation. | In this case, the aggrieved party can’t rescind the contract but can claim damages only. |
What is a continuing guarantee explain with an example?
129- A guarantee which extends to a series of transactions, is called a “continuing guarantee” Examples: – (a) A, in consideration that B will employ C in collecting the rent of B’s zamindari, promises B to be responsible, to the amount of 5,000 rupees, for the due collection and payment by C of those rents.
What is the difference between condition and warranty with example?
A condition is an obligation which requires being fulfilled before another proposition takes place. A warranty is a surety given by the seller regarding the state of the product. Section 12(2) of the Sale of Goods Act, 1930 defines Condition.
What is the difference between guarantee and warranty?
The main difference between guarantee and warranty lies in the dissimilarity of expectations in both the cases. Generally, it is believed that one can get his money back with the strength of a guarantee, if the product is defective or does not provide the assured standard. The guarantee is a commitment to make good defects of a product or a service in a fixed period.
What does guarantee and warranty mean?
A warranty is a guarantee of the integrity of a product and of the maker’s responsibility for it. In a sense, guarantee is the more general term and warranty is the more specific (that is, written and legal) term.
What is the definition of warranty?
A warranty describes the conditions under, and period during, which the producer or vendor will repair, replace, or other compensate for, the defective item without cost to the buyer or user. Often it also delineates the rights and obligations of both parties in case of a claim or dispute.
What is product warranty coverage?
Product warranty protection coverage guarantees the product to be free of any flaws in workmanship and materials used. Warranties on equipment usually doesn’t cover misuse. Car warranties may not cover seat covers. Warranties exist on homes. Automobiles often have warranties that cover repairs for three years or more.