AJAY DAGAR (Member of CA club INDIA) (198 Points)
25 August 2009Hi,
I just want to know exact difference between "Guarantee" and "Warranty" .
As per my knowledge...........Guarantee means a promise to return the payment back if product found defective and Warranty means replacement if product found defective.
plz answer regarding both general custom of Trade and definitions given in law............moreover plz give reference to the respective law or section
plz clarify with explanation and reference.
Thanks & Regards,
Amit Ingale
(Student CA Final)
(1454 Points)
Replied 25 August 2009
No re !!!!!!!!!!! is not that.
whether it is gurantee or warantee, in none of the case money is refuned/repaid bank.
the Exact differance is in gurantee, product(as a whole) is replaced fully.
and in case warantee, the main prodicy is not replaced but only spare-parts and servicing is done free of cost.
and
Both are covered under Indian COntract ACt only.
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