Warranty
Warranty, or Guarantee, in commerce, an assurance by the manufacturer or seller of a product that the product will meet certain standards. In a written warranty it is often stated that a defective item may be exchanged or that any repairs needed within a specified period will be made free of charge. A written assurance or oral promise is called an express warranty. An implied warranty is the assumption by both parties that certain standards are assured by the seller. When the terms of a warranty are not met, the buyer has cause for legal action.
Household appliances and automobiles are often covered under a limited warranty, which may exempt from coverage certain parts, labor costs, or shipping costs. With a product protected under a full warranty, the only limitation is the guarantee's duration.