In business and legal transactions, a warranty is an assurance by one party to the other party that specific 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.

In real estate transactions, a general warranty deed is an agreement that the buyer's title to a parcel of land will be defended. A limited warranty deed, on the other hand, is a promise that the title will be defended against a limited set of claims which is usually claims arising from incumberances executed by the grantor. Thus, a general warranty deed binds the grantor to defend the title against all claims even those arising from previous owners; whereas, a limited warranty deed typically only binds the grantor to defend the title against claims arising from when the grantor held title to the property. A limited warranty deed is the deed of choice for banks when selling foreclosed properties.

A warranty may be express or implied, depending on the product.

Lauren Fix is a Buffalo, New York based automotive expert. She has authored three books on automobiles. She has occasionally appeared on CNN and Fox News.

Fix began racing in New York in 1981 in the SCCA Solo II Series. She debuted with a third place finish. By 1989, Lauren evolved into a road racer and started winning in her historic 1966 Trans Am Mustang. She competed in SVRA, HSR and the Canadian G.T. Challenge Cup sanctioned by FIA. Lauren operated the Driving Ambitions Performance Driving School at Watkins Glen International Raceway from 1986 to 2001.

Fix co-hosts Talk 2 DIY Automotive on DIY, providing demonstrations and tips for auto repair. Lauren has appeared in several magazines including Redbook, USA Today, and Woman's World. She hosted the television show local TV networks called Car Smarts and has been featured on several national television shows including: Oprah, Fox News, 20/20, The View, Live with Regis and Kelly and CNN. Lauren Fix is a regular guest expert on CNBC On the Money, with Carmen Wong Ulrich.