Business, Legal & Accounting Glossary

Definition: Warranty

What is the dictionary definition of Warranty?

Dictionary Definition

n. a written statement of good quality of merchandise, clear title to real estate or that a fact stated in a contract is true. An “express warranty” is a definite written statement and “implied warranty” is based on the circumstances surrounding the sale or the creation of the contract.

Full Definition of Warranty

In a Contract, a warranty is a term of the contract that is not necessarily fundamental to its fulfilment. Breach of such a term, if established, gives the party not in breach the right to Damages, but does not allow him to treat the contract as discharged. For a more detailed description see: Conditions and warranties.

Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
Modern Language Association (MLA):
Warranty. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. September 27, 2020 https://payrollheaven.com/define/warranty/.
Chicago Manual of Style (CMS):
Warranty. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/warranty/ (accessed: September 27, 2020).
American Psychological Association (APA):
Warranty. PayrollHeaven.com. Retrieved September 27, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/warranty/

Definition Sources

Definitions for Warranty are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 27th April, 2020 | 1 Views.