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Implied warranties are governed by state laws, not federal laws. The two key types of implied warranties are merchantability and fitness. Merchantability says that a product will meet reasonable expectations of the buyer, while fitness means the product meets the buyer's intended use.

With a full warranty, a company guarantees to repair or replace a faulty product during the warranty period. If the product is damaged or defective, companies offering a full warranty must repair or replace it within a reasonable time.

The Magnuson-Moss Warranty Act, passed by Congress in 1975, is the federal law that governs consumer product warranties . The Act requires manufacturers and sellers of consumer products to provide consumers with clear and detailed information about warranty coverage.

6 Questions to Ask Before Creating a Warranty Why offer a warranty?What should be covered in a warranty?What should NOT be covered?How long should it last?What happens if you sell another company's products: can you offer your own warranty on top of theirs?

Types of implied warranties: implied warranty of merchantability. implied warranty of fitness for human consumption. implied warranty of fitness for a particular purpose.

Defects and damages due to loss, theft, fire, water, or a natural disaster. Failure or damage caused by improper use, carelessness (knocks, dents, crushing, broken crystal/glass, etc.), or accidents. Failure or damage caused by unjustifiable repair or modification.

For example, when you buy a new car from a car dealer, the warranty states that the car works. If the car doesn't work, the warranty gives the owner the right to have the dealer fix the car under certain conditions (length of time, cause of damage, etc.). These conditions are typically spelled out in the warranty.