would you please explain me what is the difference between guaranty and warranty?

Answer 1

Guaranty
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A promise by one party to pay a debt or perform an obligation contracted by another if the original party fails to pay or perform according to a contract

A pledge made by one person (the guarantor) to ensure that another person (the obligor) will fulfill an obligation to a third party (the obligee).

Agreement to pay the debt or perform the obligation of another in the event the debt is not paid or obligation is not performed

A contract by which one undertakes to be liable to the debt of another person in the event of his default.

warranty
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A protection plan, generally paid for by the seller, that protects the buyer against major repair expenses and breakdowns. Warranties are assigned to specific items, usually major appliances or systems on the property

in a broad sense, an agreement or undertaking by a seller to be responsible for present or future losses of the purchaser occasioned by deficiency or defect in the quality, condition or quantity of the thing sold. In a stricter sense, the provision or provisions in a deed, lease or other instrument conveying or transferring an estate or interest in real estate under which the seller becomes liable to the purchaser for defects in or encumbrances on the title

A promise, either written or implied, that the material and workmanship of a product are without defect or will meet a specified level of performance over a specified period of time.

Answer 2

many consumer confuse when the product they bought is come with guaranty and warranty term.

guaranty term for products entitle replacement of new products if the product you bought are found to be defected.

warranty term will only entitle you repairing for the products if the products you bought are found to defected.

this is the basic term used in products; however, most of time the guaranty or warranty term will come with other terms. example, the buyer will not be entitled guaranty term and only warranty term if the products' defect not cost by seller.

i hope i can help some

have a nice day

Answer 3

In a warranty, a product is covered for a specific period of time in which the product will be fixed or replaced if broken...but always read the specific details on the warranty for what you are buying!

A guarantee is just that the company is saying they are sure that ...(fill in the blank). For example a money back guarantee if you don't like the product.

Answer 4

when a company or a person assures for a thing or service that is known as warranty but if a third party assures that if a particular thing or service not give or render by a particular person then he will do that - this is known as guarantee

Answer 5

they are both ways for someone to get more money from you