The Magnuson-Moss Warranty Act

Paper Summary:

A warranty is a written statement or promise typically prepared by the manufacturer of a product ensuring it?s quality. It is a commitment made by the manufacturer or seller that they represent and will stand by the product in the event of loss, breakage or other malcontent. This paper examines the pros and cons of the Magnuson-Moss Warranty Act passed by the American congress, which governs all federal consumer product warranties. The paper covers the positive aspects of the law including customer satisfaction, peace of mind and truth in written statement. It also looks at the negative sides of the law, which include the promotion of shoddy performance of products that are supplied with limited warranties, providing coverage for one year or less.

From the Paper:

"In a nutshell the Magnuson-Moss act outlines the many specifications that must be included in written warranties for a product. The act has many provisions. It requires manufacturers and sellers of products to provide consumers with detailed information about the warranty of the product (Grimes, 2003). The purpose of the act was to ensure that consumers are provided with detailed, accurate and adequate information regarding the warranties of any products they may purchase. The act also enables customers to compare the warranties of different merchants prior to buying a product. Another purpose of the act is to encourage competition between merchants. Because consumers have access to detailed information regarding warranties, they are more apt to purchase products with more elaborate coverage. Lastly the act creates a "framework for companies to set up procedures resolving disputes on products without litigation" (Grimes, 2002)."

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