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Simple English definitions for legal terms
personal warranty
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A quick definition of personal warranty:
A personal warranty is a promise made by someone to guarantee something they are selling or transferring. It can be a written or spoken promise that the item being sold is as described or that the person selling it has the right to sell it. If the promise is broken, the person who made the warranty may have to compensate the buyer. Personal warranties can also be made in insurance policies, where the insured person promises that the information they provided is true.A more thorough explanation:
A personal warranty is a type of warranty that arises from an obligation to pay all or part of the debt of another. It is a promise made by one person to another that they will be responsible for any debts or obligations that the other person may have. For example, if a parent co-signs a loan for their child, they are providing a personal warranty that they will pay the loan if the child cannot.
Another example of a personal warranty is when a business owner guarantees the quality of their product or service. This means that if the product or service does not meet the agreed-upon standards, the business owner will be responsible for fixing or replacing it.
Personal warranties are important because they provide a level of assurance to the other party that they will not be left with the financial burden if something goes wrong. They also help to build trust between the parties involved in the transaction.