warranty

Definition 1

General: Legally binding assurance (which may or may not be in writing) that a good or service is, among other things, (1) fit for use as represented, (2) free from defective material and workmanship, (3) meets statutory and/or other specifications. A warranty describes the conditions under, and period during, which the producer or vendor will repair, replace, or other compensate for, the defective item without cost to the buyer or user. Often it also delineates the rights and obligations of both parties in case of a claim or dispute.

Definition 2

Contracting: Expressed or implied undertaking that a certain fact regarding the subject matter of a contract is, or will be, true. Unlike conditions (the central points), warranties are deemed incidental points, and a breach of warranty is usually not a valid reason for voiding a contract but it entitles the aggrieved party to damages. See also innominate term and intermediate term.

Definition 3

Insurance: Written pledge by the insured party that a specified condition exists or does not exist. Breach of warranty entitles the insurer to treat the insurance contract as void even if the actual loss is unaffected by the breach. See also representation.