Background for warranties

warranties

/ˈwɒ.ɹən.tiz/ /ˈwɔɹ.ən.tiz/

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noun

A guarantee that a certain outcome or obligation will be fulfilled; security.

Examples :

"The new refrigerator came with three different warranties, covering the motor, the compressor, and rust damage. "

business law finance insurance economy

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noun

An obsolete legal agreement that was a real covenant and 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 It has now been replaced by personal covenants and the covenant of warranty.

Examples :

""Because the old land deed referred to warranties, a type of land guarantee no longer in use, the modern real estate lawyer had to research historical property laws to understand the document's original intent." "

property law history title finance

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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.

Examples :

"The new refrigerator came with two warranties: one covered parts for five years, and the other covered labor for one year. "

law business commerce finance insurance economy property

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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.

Examples :

"I made sure to check the terms of my warranty for my computer to ensure I was covered in case it broke down."

business commerce finance insurance economy

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noun

(insurance law) 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.

Examples :

"The insurance company denied their claim because the applicant's warranties about the building's fire safety systems were false, rendering the policy invalid. "

insurance law business

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noun

Justification or mandate to do something, especially in terms of one’s personal conduct.

Examples :

"Her parents' strong support and encouragement were her warranties for pursuing her dream of becoming a doctor. "

business finance law insurance

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verb

To warrant; to guarantee.

Examples :

"The company warranties its laptops for one year against manufacturing defects. "

business commerce finance insurance law