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MM 8.03 Vocabulary

AB
WarrantyA promise or guarantee given to a customer that a product will meet certain standards in materials, workmanship, and performance.
Express warrantyA warranty that is explicitly stated, in writing or verbally, to encourage a customer to make a purchase.
Full warrantyA promise that a product found to be defective within the warranty period will be repaired or replaced at no cost to trhe purchaser.
Limited warrantyA warranty that may exclude certain parts of the product from coverage or require the customer to bear some of the expense for repairs resulting from defects.
Implied warrantyThe warranty that takes effect automatically by state law whenever a purchase is made and there is no written warranty.
Warranty of merchantabilityThe seller's promise that the product sold is fit for its intend purpose.
Warranty of fitness for a particular purposeThe warranty implied when the seller advise a customer that a particular product is suitable for a particular use and the customer acts on that advice
DisclaimerA statement that specifies the exceptions to and exclusions from a warranty.
Extended warrantyAn agreement that provided repair or maintaince beyond the orginal warranty.


Northern Vance High School
Henderson, NC

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