Definition
A guarantee describes the assurance, expressed or implied, of the quality of products offered for sale.
from PEDIAA.com
Expressed guarantee, with a definite promise of money back or other specific assurance, is often used as a sales aid, especially in nonstore retailing.
A warranty is a statement or promise made to the customer that a product being offered for sale is fit for the purpose being claimed. The promise concerns primarily what the seller will do if the product performs below expectations or turns out to be defective in some way.
According to Merriam-Webster, “a warranty is a guarantee of the integrity of a product and of the maker’s responsibility for it. In a sense, guarantee is the more general term and warranty is the more specific (that is, written and legal) term.” [2]
Implied warranty is a promise of performance that is extended to the customer but unstated. It usually is assumed from common practice in the trade, or suggested by statements made about the product by the seller. [1]
The Magnuson-Moss Warranty Act of 1975 requires the seller of a consumer product who provides a written warranty to indicate clearly and conspicuously whether the warranty is a “full” or “limited” warranty. The Federal Trade Commission was given responsibility for administering the act as well as additional powers including the authority to promulgate trade regulation rules that specifically define “unfair or deceptive acts or practices.” [1]
References
- American Marketing Association, AMA Dictionary.
- Merriam-Webster Dictionary, merriam-webster.com/grammar/guarantee-and-waranty-are-the-same-word