Defective refers to something that is incomplete or faulty. In legal and consumer contexts, it signifies that an item is not reasonably safe for a use that can be reasonably anticipated.
An implied warranty is a legal term referring to the assurance that a product or service meets certain standards of quality and functionality, even if this warranty is not explicitly stated in writing. It contrasts with an express warranty, which is explicitly communicated.
A limited warranty is a type of warranty that imposes certain limitations and is, therefore, not a full warranty. For example, an automaker may issue a warranty that covers parts but not labor for a particular period.
A warranty is a guarantee provided by a seller to a buyer that the goods or services purchased will perform as promised. If not, a refund, exchange, or repair will be offered at no charge.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.