Associate Safety Professional Practice Exam

What are the two types of warranties?

1. Implied and statutory warranty

2. Implied and express warranty

3. Limited and comprehensive warranty

4. Written and verbal warranty

The correct answer is: Implied and express warranty

The correct answer identifies the two primary types of warranties: implied and express warranties. An express warranty is a specific guarantee provided by a seller that relates to the quality, condition, or performance of a product. This can be communicated verbally or in writing and creates clear expectations for the buyer. For example, if a manufacturer states that a product will work for a certain period or under specific conditions, that assurance is an express warranty. Implied warranty, on the other hand, is automatically provided by law, even if it is not explicitly stated. These warranties are generally understood to exist based on the nature of the transaction and the expectations from the buyer and seller. For instance, an implied warranty of merchantability ensures that a product will work for its intended purpose. The other options present different types of categorization that are not standard frameworks for warranties. While limited and comprehensive warranties specify the extent of coverage, they are subsets of the broader categories of express and implied warranties. Similarly, written and verbal warranties refer to the modes of communicating express warranties rather than distinct types of warranties themselves. Statutory warranties relate to specific legal requirements and may not encompass the general distinctions between implied and express warranties as thoroughly.