What is guarantee and it's type?

Question

Accepted Answer

A guarantee is a promise or assurance that something will happen or be done. There are two types of guarantees: express and implied.

A guarantee is a form of assurance that a product or service will meet certain standards.
Express guarantees are explicitly stated, such as a warranty or money-back guarantee.
Implied guarantees are not explicitly stated but are assumed to exist, such as the guarantee of merchantability or fitness for a particular purpose.
Guarantees can also be conditional or unconditional, depending on the terms and conditions.
For example, a conditional guarantee may require the customer to follow certain procedures or use the product in a certain way in order to be eligible for a refund or replacement.
An unconditional guarantee, on the other hand, does not have any such requirements and promises a full refund or replacement regardless of the circumstances.

Top Standard Chartered Team Lead interview questions & answers