Frequently Asked Questions
What is a warranty?
A warranty is a formal assurance given by a seller or manufacturer, acknowledging their responsibility for the condition and performance of a product. It serves as a guarantee that if a product is found to be defective, the seller or manufacturer is legally obligated to repair, replace, or buy back the product. However, the extent of this liability can vary, as sellers may limit their warranty to a specific period of time post-sale. There are different types of warranties, including statutory, express, and implied warranties. Statutory warranties are mandated by state or federal law to prevent seller fraud. Express warranties are explicit commitments by the seller or manufacturer that a product is functional and in good condition. Implied warranties, which are automatically mandated by state law, guarantee that a product is free of defects and is functional, or that it is fit for its advertised use. The Magnuson-Moss Warranty Act is a key federal regulation that governs warranties. It requires sellers and manufacturers to clearly define the terms of express warranties and to state the requirements for maintaining warranty coverage. It also allows buyers to sue sellers and manufacturers in breach of warranty cases.
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