Question

An express warranty is a written guarantee that assures the buyer that he or she is getting what he or she has paid for or that provides recourse in case a product's performance falls short of expectations, in an express manner.True or False

Answer 1

An express warranty is a written assurance to the buyer about product performance and includes recourse if expectations are not met. Service contracts extend this assurance for a fee, providing longer-term protection for significant purchases.

Step-by-step explanation:

An express warranty is indeed a written guarantee that provides assurance to the buyer, ensuring that the product will perform as advertised and offering recourse if the product fails to meet the expected standards. Guarantees, warranties, and service contracts are forms of explicit reassurances provided by sellers to instill confidence in the product or service being sold. These explicit reassurances are promises that the seller is bound to fulfill, such as the repair or replacement of a product within a specified time period. Beyond these written promises, implicit or unstated guarantees also exist where sellers provide refunds or exchanges without a written policy, as seen in many movie theaters or restaurants that value customer satisfaction. Service contracts, in particular, often involve an additional cost but extend the warranty period, providing longer protection for the buyer on significant investments like cars, appliances, and houses.