What is an Expressed Guarantee?
An expressed guarantee is a promise made by a seller, manufacturer, or service provider to a buyer that the good or service being purchased will meet certain standards. It is a form of assurance given by the seller that the product or service will meet the customer’s expectations and may include a warranty or guarantee of performance or quality.
Types of Expressed Guarantees
Expressed guarantees can come in many forms, including:
- Manufacturers’ warranties
- Statutory warranties
- UCC warranties
- Express warranties
- Implied warranties
Examples of Expressed Guarantees
- A manufacturer’s warranty might promise that a product will work for a certain period of time, or that it will perform as advertised.
- A statutory warranty might guarantee that a product or service meets certain legal standards.
- The Uniform Commercial Code (UCC) may provide an express warranty that a product or service is fit for a particular purpose.
- An express warranty may guarantee a specific feature of a product or service.
- An implied warranty is a guarantee of quality that is not explicitly stated, but is implied by the seller.
Conclusion
Expressed guarantees are an important part of consumer protection and can provide assurance to buyers that the product or service they are purchasing will meet their expectations. It is important for buyers to understand their rights and the types of guarantees available to them when making a purchase.
References
- Expressed Guarantee, Investopedia
- Warranties and guarantees, Business Victoria
- Types of guarantees, Consumer Affairs Victoria