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Express warranties are created when the seller makes a guarantee to the buyer that the product or service being offered has certain qualities. For there to exist an express warranty, a statement regarding the product or service must be made to the buyer and the statement must play a role in the buyer's decision to purchase the product or service.
A "warrantor" is any supplier or other person who gives or offers a written warranty or who has some obligation under an implied warranty. [4] A "consumer product" is generally any tangible personal property for sale and that is normally used for personal, family, or household purposes. It is important to note that the determination whether a ...
In English law, a guarantee is a contract whereby the person (the guarantor) enters into an agreement to pay a debt, or effect the performance of some duty by a third person who is primarily liable for that payment or performance. The extent of the debt that the guarantor is liable to this debt is co-extensive to the obligation of the third ...
A loan guarantee, in finance, is a promise by one party (the guarantor) to assume the debt obligation of a borrower if that borrower defaults. A guarantee can be limited or unlimited, making the guarantor liable for only a portion or all of the debt.
A personal guarantee is a promise made by a person or an organization (the guarantor) to accept responsibility for some other party's debt (the debtor) if the debtor fails to pay it. In the case of a personal guarantee made by an individual on behalf of another, the person who makes the personal guarantee is usually referred to as a co-signer ...
Comparing home warranty vs. home insurance When deciding whether to purchase homeowners insurance vs a home warranty, understanding the distinct features of each and what coverage is provided can ...
A guarantor is a person who agrees to repay the borrower’s debt should the borrower default on agreed repayments. The guarantor is often a family member or trusted friend who has a better credit history than the person taking out the loan and the arrangement is, therefore, viewed as less risky by the lender.
21. Patagonia. Outdoor gear-maker Patagonia calls its lifetime warranty an “Ironclad Guarantee.” If you buy Patagonia apparel and gear for climbing, skiing, snowboarding, surfing, fly fishing ...