Introductory Business Law CLEP Prep Practice Exam

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What is a warranty?

  1. An agreement between two parties to exchange goods or services

  2. A guarantee of safety for a product

  3. A guarantee of performance for a product

  4. An agreement between a company and a customer to purchase a product

The correct answer is: A guarantee of performance for a product

A warranty is a guarantee of performance for a product, meaning that the product will function as promised for a certain period of time. Option A is incorrect because it describes a general agreement between two parties, which may or may not involve goods or services. Option B is incorrect because a warranty does not necessarily ensure safety, but rather the proper functioning of a product. Option D is incorrect because a warranty does not involve the purchasing process, rather it is a guarantee after the purchase has been made.

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