The Basics of Warranties: What You Need to Know

Warranties exist to protect consumers from the disappointment of a product not performing as expected, or even not functioning at all. It’s a contract between the manufacturer and the buyer upholding the quality of a product for a period of time. The agreement is an assurance that the buyer is receiving a certain level of quality.

Two Types of Warranties

There are two main types of warranties – expressed and implied. An expressed warranty is created when the seller makes oral or written claims regarding the quality or capabilities of a product. Implied warranties guarantee that a product will do what it’s supposed to do even if the seller doesn’t specifically state it.

Warranties and Magnuson-Moss

The Magnuson-Moss Warranty Act was passed in 1975 to protect buyers from manufacturers that meted out false warranties or misrepresented their products. The act protects a consumer’s warranty rights by holding companies liable for any representations made in writing. It also ensures that dealers adhere to the terms of the sale and extends warranty protection to purchases from mail-order and online catalogs.

Limiting Conditions

Warranties often come with limiting conditions, such as those that restrict how long the product will keep its stated performance or quality. Many of the limiting conditions are related to how and where the product was used, stored, maintained, and the frequency of use.

Buyers Responsibilities

It’s important to note that for a warranty to be honored, the buyer has some responsibilities. Depending on the product, these may include:

* getting regularly scheduled maintenance * curing any defects by making necessary repairs * keeping records of service and repair * proving date of purchase * following the installation, use, and care instructions given by the manufacturer

Conclusion

Warranties are designed to protect consumers from the disappointment of purchasing an item that doesn’t meet their expectations and guarantees a certain quality of goods. The Magnuson-Moss Warranty Act provides further protection by ensuring written warranties are honored, and guarantees the consumer’s warranty rights. It also requires manufacturers to bear a portion of the cost of repairs if the product fails within the warranty period. Despite a warranty being in place, buyers must meet specific conditions for the warranty to be enforced and honored.