Warranties are promises to stand behind your products. Offering warranties are not mandatory but having one will help provide some good will to your products. In addition, there are some implied warranties that come alone with just selling your products.
SUMMARY
- There are two types of warranties: expressed and implied warranties.
- Expressed warranties are those that are expressly stated to the consumer.
- Implied warranties are those that are implied that the product will do what it is intended to do.
- See PROVIDING WARRANTIES for some considerations when providing a warranty.
EXPRESS WARRANTIES
Express warranties can be made written or orally. They are statements made to the consumer about the quality and reliability of the products. If an express warranty is made to the consumer and the product fails to comply with the warranty, the business may be liable to compensate the consumer, including repairs, replacements, or returns. Examples of express warranties are written warranties that come along with the product. These may state that the warranty will apply to defective products or all circumstances and may also include a time limit for the warranty.
IMPLIED WARRANTIES
Implied warranties are those that are implied by law. Implied warranties are usually the implied warranty of merchantability and the implied warranty of fitness for a particular purpose. Implied warranty of merchantability is the warranty that the product will work as it is intended to purpose. For example, a pair of shoes will be able to be worn and walked around in. Implied warranty of fitness for a particular purpose is when the seller knows or has reason to know a consumer will use a product for a particular purpose and the seller makes a statement that the item is fit for that specific purpose. For example, a buyer lets a seller know they want to buy a vacuum that works on hardwood floor and the seller brings the buyer to a specific vacuum and states the vacuum will do the job.