The word WARRANTY can be defined as promise or agreement about a product, service or item made by either a manufacturer or sold by a seller.
Warranty is a statement or an agreement by the seller of a certain property or object. Warranty is part and parcel of the contract of sale. It is necessary that the statement or agreement, or the warranty be true, in order for the contract of sales to be valid.
Warranties can be of several types. Some important types are:
Linear Warranty and Collateral Warranty
Regarding the sale of personal chattels Warranties are again of two kinds:
Express Warranty or implied Warranty
Another classification of warranties is:
Pro-rated Warranty and non pro-rated Warranty
The non pro-rated warranty is considered to be the most valuable from of a warranty. Although it is for a smaller duration it is still considered more valuable. . Non Pro-rated warranty means that the manufacturer or seller will replace or repair the item at no cost to the buyer in case of some problem with the product. At times sellers or manufacturers even pay the transportation costs in such warranties.
On the other hand a pro-rated warranty is normally for a longer period of time but it does not cover the full cost of either repair or replacement. Instead the pro-rated warranty just covers a portion of the repair costs and does not replace at all. It covers a smaller percentage as the product gets older.
Warranty is a statement or an agreement by the seller of a certain property or object. Warranty is part and parcel of the contract of sale. It is necessary that the statement or agreement, or the warranty be true, in order for the contract of sales to be valid.
Warranties can be of several types. Some important types are:
Linear Warranty and Collateral Warranty
Regarding the sale of personal chattels Warranties are again of two kinds:
Express Warranty or implied Warranty
Another classification of warranties is:
Pro-rated Warranty and non pro-rated Warranty
The non pro-rated warranty is considered to be the most valuable from of a warranty. Although it is for a smaller duration it is still considered more valuable. . Non Pro-rated warranty means that the manufacturer or seller will replace or repair the item at no cost to the buyer in case of some problem with the product. At times sellers or manufacturers even pay the transportation costs in such warranties.
On the other hand a pro-rated warranty is normally for a longer period of time but it does not cover the full cost of either repair or replacement. Instead the pro-rated warranty just covers a portion of the repair costs and does not replace at all. It covers a smaller percentage as the product gets older.