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patriot paddleboards sells a paddleboard model that carries a one-year warranty on all included accessories. past experience indicates that 15% of those sold will have defective accessories within a year and that average repair cost is $20 per paddleboard. if 1,000 were sold this year and 50 have already been repaired under warranty, warranty expense for the year would be:

Answer :

The warranty expense for the year is $3,000.

What is warranty ?

A warranty is a representation that is not a requirement of the contract or an indefinite term. It is a term that is "not going to the root of the contract" and that only entitles the innocent party to damages in the event that it is broken, meaning that the warranty is false or the defaulting party does not perform the contract in accordance with the warranty's terms. An assurance is not a warranty. It's only a promise. If it is violated, it may be put into effect if damages are granted as a judicial remedy.A contract term is a warranty. A product warranty may apply to a product in a way that a manufacturer offers a warranty to a consumer with whom the manufacturer has no direct contractual relationship, depending on the conditions of the contract.

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