What are some examples of express warranties?
Claiming a watch is “waterproof to 250 feet,” that a car gets “35 mpg on the highway,” or that a brand of concrete “cures rock-hard in 5 minutes, no matter what the weather” are all examples of express warranties.
What is a warranty example?
For example, when you buy a new car from a car dealer, the warranty states that the car works. If the car doesn’t work, the warranty gives the owner the right to have the dealer fix the car under certain conditions (length of time, cause of damage, etc.). These conditions are typically spelled out in the warranty.
What is an express warranty of quality?
An express warranty or “expressed” warranty is when a company makes a specific written or oral promise that the goods sold or services offered will meet a specific standard or level of quality. The seller guarantees the quality, performance, lifespan or durability of its product.
How does express warranty work?
Express warranties are promises and statements made by a seller or manufacturer, about a product or its performance. These promises and statements can be made verbally, in advertising or in writing. … When an express warranty is made the product must live up to the promises made by the seller or manufacturer.
What is an express warranty in insurance?
B.An express warranty is specified in the policy. It is an understanding by the insured that something will or will not be done or that a certain state of affairs does or doesn’t exist.
What warranty means?
A warranty is a product manufacturer or service provider’s documented guarantee of quality as promised to a customer. … The document stipulates what is guaranteed and what repairs or remediations will be performed to ensure the promised quality of the service or good, failing these conditions.
What does a 2 year warranty mean?
If a warranty is offered with goods, the buyer is given a written guarantee that the manufacturer or retailer will repair or replace the goods, under certain conditions. The service contract extended the warranty on the product to two years.
What creates an express warranty?
An “express” warranty by a seller is created by: Any statement of fact or promise relating to the goods sold which becomes part of the basis of the bargain between the parties, creating a warranty that the goods will conform to the statement or promise.
What must an express warranty include?
An express warranty is separate from other warranty types because of its specificity. They are certain promises made to the buyer in written or oral form. Such promises may include a description of a service or item, including representation of goods or factual statements.