Describe the characteristics of implied, express, full and limited warranties as articulated in the Magnuson Moss Warranty Act.
As definied in this piece of 1975 legislation, an implied warranty is basically a protection against the most ridiculous kind of scams, i.e. it ensures that the consumer is protected if the product does not perform as it should (merchantibility) or in the case of real estate, said product must be in condition to be inhabited (habitibility). An express warranty protects the consumer from claims that a product will do something it doesn't, like a dryer being billed as a dryer and folder of clothes. A full warranty provides that within a specified period of time (often a year on appliances and other household products), if a product or elements of the product prove to be defective, the product will be replaced. A limited warranty is basically a full warranty with some type of exclusion; for example, one might buy a refrigerator with a limited warranty that provides for replacement of all components except the icemaker.
One thing to note about express warranties: it does not protect the consumer from advertising and propaganda claims such as "the greatest hair dryer this side of Afghanistan!" It's about protecting the consumer from being stuck with a hair dryer that also promised to cure a sinus infection, i.e. if a person buys the product believing from all outward appearances that it will perform all advertised functions, and then it does not.