Question

Research the difference between a full and limited warranty. Locate 2 copies of written warranties that you have received in connection with the purchase of various products. Review the warranties to determine which companies provide a full warranty and which companies provide a limited warranty. Summarize your findings and discuss your impression of the use of such warranties.

Answer 1

A full warranty requires that the manufacturer or seller will repair the item for free during the warranty period as promised to the customer. In case, the company is unable to fix the problem in a reasonable number of attempts and time, it has to replace the item or give a refund to the customer. However, a limited warranty is limited to specific parts of an item, certain types of defect and other limitations. It can also include a provision that restricts implied warranties to the length of the limited warranty.

Two written warranties that are received during the purchase of products are express warranties and implied warranties. Express warranties are statements in a written or verbal format that provides a guarantee of a certain level of functionality and quality of the product for a specified period. An implied warranty is a basic warranty that is provided with all consumer products and states that a product will function as advertised by the company.

Thus, full warranties can only be provided by companies, which provide warranty coverage to any owner of the product and not just the initial purchaser. It must also keep the warranty service unchanged including the costs associated with shipping the defective product. However, companies can provide limited warranties that extend the service only to the original purchaser of the product or the customer.

These warranties are beneficial to both customers and business owners as they set expectations for the products. Thus, the customers know what the product will offer and whether they need to fix or return them. Furthermore, companies state in their claim in a printed format the things they will cover, thus customers can turn to them for fixing or return of such defect only. This protects both parties. Besides, customers have a choice to buy products at the same price; they always buy the one with protection. Warranties also encourage repeat sales by building trust with the customers.

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