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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.

There are many types of implied warranties including an implied warranty of merchantability, an implied warranty of fitness, an implied warranty of habitability (for a lease), and an implied warranty of marketability (for the sale of real property, also known as a marketable title).

The Act directs the Commission to establish disclosure standards for written warranties, specifies standards for ?full? warranties, limits disclaimer of implied warranties, and establishes consumer remedies for breach of warranty or service contract obligations.

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

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.

(Puffery is sales talk or advertising that is nonfactually based and therefore cannot be relied on to support an express warranty.) The Magnuson-Moss Act requires that sellers provide warranties to buyers in all sales transactions in which the seller is a merchant.

Written warranties must be titled either ?full? or ?limited.? Warranties must outline the coverage they provide using language that is easy to understand. Warranties must be available for consumers wherever the product they cover is sold.

Generally, there is no specified duration for implied warranties under state laws. However, the state statutes of limitations for breach of either an express or an implied warranty are generally four years from date of purchase.