warranty

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warranty

1. Property law a covenant, express or implied, by which the vendor of real property vouches for the security of the title conveyed
2. Contract law an express or implied term in a contract, such as an undertaking that goods contracted to be sold shall meet specified requirements as to quality, etc.
3. Insurance law an undertaking by the party insured that the facts given regarding the risk are as stated

guarantee

1. A legally enforceable assurance of the quality or duration of a product or of work, 1 performed.
2. A binding commitment by one person that another will perform his contract obligations satisfactorily.
References in periodicals archive ?
Building owners tend to think of warranties as insurance policies, but they're not.
103) While a number of shingle or manufacturer warranties may last anywhere from twenty to fifty years, (104) the shingle or manufacturer warranties will not cover defects in workmanship.
Federal law requires that warranties be available for consumers to read before they buy.
The Magnuson-Moss Warranty Act is the federal law governing written warranties on consumer products and is overseen by the Federal Trade Commission.
Better pricing and management of extended warranties
Home warranties provide a client with protection and peace of mind.
Based on a primary survey of 1,000 consumers in Spain carried out in November and December 2010, the research provides valuable data concerning the extent to which they take out extended warranties with audio systems, desktop computers, dishwashers, fridges / freezers, games consoles, laptops / netbooks, set-top boxes, televisions and washing machines with data shown separately for each of these nine types of product.
According to the Rosemont, IL based National Roofing Contractors Association (NRCA) in its roofing warranties advisory bulletin: "There is a common misconception by roofing consumers that long-term warranties are all-inclusive insurance policies designed to cover virtually any roofing problem, regardless of the cause or circumstance.
In fact, retail industry analysts say that last year, all of Circuit City's operating income came from extended warranties.
Language to exclude all implied warranties is sufficient if it states, for example, "There are no warranties which extend beyond the face hereof.
Losses on the new car warranties don't start showing up until nearly three years later.