Warranty Definition

A promise or assurance that may be express, implied by the circumstances, or implied by law. A warranty might be an express or implied statement that particular facts are true (for example, that merchandise may be used for particular purposes or that the seller has clear title to real estate). A warranty might be a promise to repair property within a certain period of time, or a legal obligation incident to a contract (for example, an implied warranty that leased residential property is habitable). (See also: express warranty, extended warranty contracts, home warranty, implied warranty of habitability, implied warranty of merchantability, warranty deed)