text: In business and legal transactions , a warranty is an assurance by one party to the other party that certain facts or conditions are true or will happen ; the other party is permitted to rely on that assurance and seek some type of remedy if it is not true or followed .
simplified: In business and legal transactions , a warranty is an assurance by one party to the other party that certain facts or conditions are true or will happen . The other party is allowed to rely on that assurance and seek some type of remedy if it is not true or followed .