A warranty contract is a formal agreement between a buyer and a seller that guarantees the quality and performance of a product. It assures the buyer that if the product fails or has defects within a specified period, the seller will repair or replace it at no additional cost. Warranties can vary in length and coverage, depending on the product and the seller's policies. There are two main types of warranties: express warranties and implied warranties. An express warranty is explicitly stated, often in writing, while an implied warranty is automatically provided by law, ensuring that the product meets certain standards. Understanding these warranties helps consumers make informed purchasing decisions.