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In general, a warranty is a promise, assurance, or statement made by the warrantor regarding the existence or accuracy of specific facts or the condition, quality, quantity, or nature of a good or property. There are express and implied warranties, both of which are legally binding commitments.

In contracts, a warranty is a stipulation that makes part of the contract. Therefore, the warrantor must strictly comply with the warranty. Otherwise, there would be a breach of warranty.

Warranty and guarantee do not have the same legal meaning.

[Last updated in August of 2021 by the Wex Definitions Team]