Warranty & Guarantee Vocab – Flashcards
Unlock all answers in this set
Unlock answersquestion
Warranty
answer
Promise made by the seller to the consumer that the seller will repair or replace a product that does not perform as expected
question
Express Warranty
answer
Promises expressed in a specific written or spoken statement concerning the quality of the product
question
Implied Warranty
answer
An unwritten, unstated promises understood by the consumer and the seller that a product will perform as expected (you buy a cell phone and expect for it to work properly)
question
Full Warranty
answer
Covers the entire product for a designated time period
question
Limited Warranty
answer
May cover only certain repairs or specific parts; may apply for a shorter amount of time
question
Guarantee
answer
A promise made by the seller to the consumer that the seller will refund the consumer's purchase price if the product doesn't perform as expected; given for both goods and services
question
Purpose of warranties and guarantees
answer
To protect the producer and the seller
question
Product Liability
answer
The area of law in which manufacturers, distributors, suppliers, retailers, and others who make products available to the public are held responsible for the injuries those products cause
question
Grades
answer
Ratings assigned to products that tell to what extent standards were met
question
Standards
answer
Specifications that are used as a basis for comparing or judging goods or services; used to promote product safety
question
Grades and Standards
answer
Enable customers to buy without having to inspect each product
