Generally, a warranty is an assurance made by one party to a second party that certain facts or
conditions are true or will happen. The second party can rely on the assurance and seek some type of
remedy if the assurance is not true or followed. In sales, a warranty is an obligation that an item sold
or service provided is as stated or implied by the seller. Warranties often provide for a specific
remedy (such as a replacement or a repair) in the event that the item or service fails to meet the