A warranty is a contract which is enforced by law where one party promises to pay or provides assurance to take an action if a specified certain condition occurs. This is a form of factual guarantee which is usually sold with products to the end user to assure long term security and to build trust.
Depending on the situation and the conditions, there could be various types of warranties. The major ones are described below:
Implied warranty: Derived from Article 2 of the Uniform Commercial Code, Implied warranty is a form of assurance that is inherited by a buyer assuming that a product has the minimal standard followed by its particular market. To give an example, when we shop for any fruit, we believe that they have the minimal quality as a fruit. But there is no written contract to ensure it. If we find that the fruit is defects inside then its warranty is violated immediately.
Guaranteed satisfaction: This kind of standardized warranty terms are applied by advertisers who promises that the promoted product has all the needed materials and attributes to provide its user the ultimate level of service or utility. Breach of such warranty results in refund or law suit for intentional and unintentional damage.
Lifetime Warranty: Lifetime warranty is a promise provided by the seller or the craftsman for a service or product for an infinite period of time. This is the longest period of warranty that one can have for a service or product for which he/she has paid for.
But it is important to understand that when talking about “lifetime”, we are talking about the lifespan of the product or service itself. If for some reason the production of a product is terminated then it will go on for a certain period of time under the contract signed by the manufacturing company.
There are certain words which defines various attributes that are related to a contract of warranty. Major ones are:
Breach of warranty: Violation of the terms of warranty done by the buyer which clears the seller from mentioned obligations to provide necessary pre-sell services to his/her customer for the product.
Warranty Data: Warranty data or the claim data is the proof of contract between two parties of the contract to proof their obligation and right to get or to provide necessary services or damage under the warranty contract.