A Comprehensive Guide to Understanding Present Warranties: Types and Legal Enforceability Explained

Warranties (Present)

· (1) Seisin – own· (2) Right to Convey· (3) Covenant against encumbrances· If breached, occurs at closing

Warranties are promises or guarantees made by the seller or manufacturer of a product to stand behind the quality and performance of their goods. In other words, warranties assure the customers or buyers that the product they are purchasing will meet or exceed their expectations and function correctly for a specified period.

Present warranties can take several forms, including express warranties, implied warranties, and statutory warranties.

1. Express warranties: These warranties are explicitly provided to the customer in writing or orally. Express warranties might include statements such as “This product comes with a three-year warranty” or “This product is guaranteed to last for 500 hours of use.” Express warranties are legally enforceable and define the terms and duration of the warranty.

2. Implied warranties: These warranties are not explicitly stated but are instead assumed by the law. Implied warranties are based on consumer protection laws and provide the customer with reasonable expectations about the product’s quality and performance. Implied warranties fall into two categories – the implied warranty of merchantability and the implied warranty of fitness for a particular purpose.

3. Statutory warranties: These warranties are created by specific laws and regulations that apply to particular products. For example, the Magnuson-Moss Warranty Act requires manufacturers to disclose specific information about their warranties and make them easy to understand.

In conclusion, present warranties provide customers with assurance about the quality and performance of the product they are purchasing. Understanding the different types of warranties will help customers make informed decisions when purchasing products and seeking warranty coverage.

More Answers: