Warranty

A guarantee or assurance. A stipulation I n a contract, the breach of which nullifies the contract, such as certain warranties in an insurance policy. Also, used as a guarantee of condition, such as, "warranty of fitness." Warranty is essentially a guarantee. Warranty of the contents of a formula guarantees that the formula contained in the bottle conforms with the statement on the outside. A warranty against defects in workmanship and material is a guarantee that if the product is defective, the manufacturer will replace the part or perhaps the product itself. In insurance, a warranty is the general atmosphere of facts upon which the policy is rated and written.