Warranty
In contract law, a warranty has various meanings but generally means a guarantee or promise which provides assurance by one party to the other party that specific facts or conditions are true or will happen. This factual guarantee may be enforced regardless of materiality which allows for a legal remedy if that promise is not true or followed.
Although a warranty is in its simplest form an element of a contract, some warranties run with a product so that a manufacturer makes the warranty to a consumer with which the manufacturer has no direct contractual relationship.
A warranty may be express or implied, depending on whether the warranty is explicitly provided (typically written) and the jurisdiction. Warranties may also state that a particular fact is true at one point in time or that the fact will be continue into the future (a “promissory” or continuing warranty).
Warranty (noun)
A guarantee that a certain outcome or obligation will be fulfilled; security.
Warranty (noun)
An obsolete legal agreement that was a ran with the land, whereby the grantor and his heirs of a piece of real estate held in freehold were required to officially guarantee their claim and plead one’s case for the title. If evicted by someone with a superior claim (paramount title) they were also required to hand over other real estate of equal value in recompense. It has now been replaced by personal covenants and the covenant of warranty.
Warranty (noun)
A legal agreement, either written or oral (an expressed warranty) or implied through the actions of the buyer and seller (an implied warranty), which states that the goods or property in question will be in exactly the same state as promised, such as in a sale of an item or piece of real estate.
Warranty (noun)
A written guarantee, usually over a fixed period, provided to someone who buys a product or item, which states that repairs will be provided free of charge in case of damage or a fault.
“I took out an extended warranty on my television for five years at a cost of $100.”
“I made sure to check the terms of my warranty for my computer to ensure I was covered in case it broke down.”
“It’s always a good idea to get a good warranty on anything you buy that you think may break down.”
Warranty (noun)
A stipulation of an insurance policy made by an insuree, guaranteeing that the facts of the policy are true and the insurance risk is as stated, which if not fulfilled renders the policy void.
Warranty (noun)
Justification or mandate to do something, especially in terms of one’s personal conduct.
Warranty (verb)
To warrant; to guarantee.
Warrantee (noun)
The beneficiary of a warranty.