Guarantee and Warranty

Key Points

• <32>Guarantee: (Noun) A formal promise or assurance (typically in writing) that certain conditions will be fulfilled, especially that a product will be repaired or replaced if not of a specified quality and durability. It is a fundamental assurance of quality or performance.
  • Example: The washing machine came with a one-year guarantee.
• Warranty: (Noun) A written guarantee, issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary within a specified period. A warranty is often a specific type of guarantee that outlines the terms and conditions of repair or replacement services for defects. It functions essentially as a service contract for a defined period related to the product's quality.
  • Example: The car's warranty covers engine repairs for five years.

Let's analyze the given options:

• 1) Guarantee is an agreement and warranty is a service contract - While a guarantee can be part of an agreement, "promise" is a more direct definition. "Warranty as a service contract" is plausible.
• 2) Guarantee is a business agreement and warranty is a service contract - Similar to option 1, "business agreement" is not the most precise primary definition of "guarantee."
• 3) Guarantee is a promise and warranty is a service contract - This option provides the most accurate and common definitions. A guarantee is fundamentally a promise or assurance, and a warranty details the service terms for a product.
• 4) Guarantee is acceptance and warranty is a service contract - Incorrect. "Acceptance" is not a meaning of "guarantee."