The term warranty is often used in conjunction with a product or service that provides the consumer with a written guarantee, promising to repair or replace it within a specified period of time. For example, an automobile may come with a limited 3 year or 36,000 miles comprehensive warranty. This warranty is provided at no cost to the consumer and is built into the cost of the new vehicle purchase; providing a written guarantee for certain components of the vehicle for the next 3 years or 36,000 miles whichever comes first.
