war·​ran·​ty | \ ˈwȯr-ən-tē [ noun wawr-uhn-tee, wor-; verb wawr-uhn-tee, wor- ]

n. A representation, especially in writing, made by a seller or company to a purchaser of a product or service that a refund, repair, or replacement will be made if the product or service proves defective or unsatisfactory, especially within a given time period.
n. An assurance by the seller of property that the goods or property are as represented or will be as promised.

A warranty is a term of a contract. Depending on the terms of the contract, a product warranty may cover a product such that a manufacturer provides a warranty to a consumer with which the manufacturer has no direct contractual relationship. A warranty may be express or implied. An express warranty is expressly stated.