The Primary Difference Between a "Warranty" and a "Guarantee" Is

question 14

Multiple Choice

The primary difference between a "warranty" and a "guarantee" is that

• A)a warranty is in writing;whereas,a guarantee is only a verbal agreement.
• B)a warranty is a legal agreement;whereas,a guarantee is a non-enforceable understanding between a buyer and seller.
• C)a warranty lasts longer than a guarantee.
• D)there is no difference between a warranty and a guarantee.

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Definitions:

Total Compensation

The complete package of wages, benefits, bonuses, and any other form of compensation given to employees for their service.

Take-Home Pay

The amount of income left after deductions such as taxes, social security, and other withholdings have been subtracted from the gross pay.

Principal-Agent Problem

A dilemma in economics where one party (the agent) is tasked to make decisions on behalf of another party (the principal), leading to potential conflicts of interest.

Employer-Employee Relationship

The formal association between a company or organization and its workers, governed by an employment contract and labor laws.