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Warranties and Their Legal Consequences - Term Paper Example

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The paper 'Warranties and Their Legal Consequences' focuses on a warranty which can be described as a statement that is made by the manufacturer or seller in regard to a product. The statement usually states that the product will perform in a manner that has been specified…
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Warranties and Their Legal Consequences
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Download file to see previous pages In case a service or product does not perform as promised, the warranty should ensure that exchanges or repairs are done in regard to the product (Martin, 2000). Basic information about warranties
They are loved by retailers On a factual basis, most of the retailers usually get more profit from the warranty contracts that they would get from the sale of the products. In actual sense, a consumer pays a price that is higher by approximately 20% or 10% in order for a warranty to be extended by the manufacturer. Most of the retailers would most probably subcontract the deal with a third party company for half the amount paid so as to avoid the risk that is involved with the risks. That is a strategy that may be used by companies in an attempt to maximize their revenue.
The consumer may already be covered but he or she is not aware The holders of American Express cards usually have the privilege of the extending the length of the warranty from the manufacturer by a year while the holders of a MasterCard or Visa signature usually have the time doubled. There are also some manufacturers who may offer a discount rate that is fixed if the product’s level of damage does not reach the level of return.
The warrant will most probably not be used People usually enter into warrant contracts so as to reduce the risks that may be involved in case the product that has been purchased does not perform as expected. Most of the appliances that are bought with a warrant do not in most of the times break down.

 Types of warranties
Manufacturer’s warranty This form of warranty is a warranty that is drafted and written by the manufacturer and included in the products that are produced by the manufacturer. The company usually guarantees that its products will be free of any defects for a specified time period after the day of purchase. The warranty, however, does not cover any accidental damages that are caused by the user to the product. In such an agreement, repairs or replacement of the product is usually done freely by the manufacturer (Barron, 2000).
Extended warranty This type of warranty is also known as a service contract. This type of warranty is an agreement that signed between the selling company and the consumer or a consumer and a store that is in offers coverage on behalf of the manufacturer for a fee. Manufacturers usually do not provide warranties that are extended but the store or retail store in which the product is purchased usually offers the warranty. The extended warranty is usually added as a cost to the price of the product. The purchaser of a product should ensure that the warranty is done in writing and he or she should not rely on the salesperson to make an explanation in regard to the warranty.
Store warranty A store warranty can be perceived to be another name for an extended warranty or service contract. In such a scenario, the store offers to extend a warranty for a fee. The warrant is associated with a risk in that if the store runs out of business, the purchaser will be left without any form of coverage (Parisi, 2000).
Third-party warranty The warranty can also be called a service contract. The warranty is different from a store warranty on the side of the company that offers the coverage of the warranty. The consumer will have to pay for the extended warranty at the place of the purchase; however, the difference comes in the sense that a third party will offer coverage for the extended warranty. ...Download file to see next pagesRead More
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