Please explain the types of warranties under the Magnuson Moss Act.Please include the differences between implied and express and full and limited warranties.
An implied warranty is a protection for the consumer that a product will do what it is supposed to do, i.e. a washing machine will clean clothes and a clothes dryer will dry them. Merchantibility applies for implied warranties, meaning a product is expected to actually work when purchased; fitness for a particular purpose applies in terms of the product meeting certain specifications it claims to have, such as a hair dryer that claims to have an ionic setting for smoother hair.
An express warranty refers to specific actions a consumer may take to remedy problems or defects with a product. A manufacturer may specify a period of time during which remedies may be sought, or in the absence of a specified length of time, four years.
A full warranty provides that all components of a product will be replaced as needed if needed; a limited warranty will typically have some sort of exclusion, i.e. a refrigerator with a limited warranty might be warranted against malfunction all components except the ice-maker.