Questions: Multiple Choice Question Which of the following is a guarantee that protects a customer from product defects for a specified period of time? Warranty Contingency Sales allowance Promissory note

The answer is: Warranty

Explanation for each option:

1. Warranty: A warranty is a guarantee provided by a manufacturer or seller that promises to repair or replace a product if necessary within a specified period of time. This protection covers defects in materials or workmanship and ensures that the customer receives a product that meets certain standards of quality and performance.

2. Contingency: A contingency is a provision for an unforeseen event or circumstance. It is not related to product defects or guarantees but rather to planning for potential future events that may or may not happen.

3. Sales allowance: A sales allowance is a reduction in the price of a product due to minor defects or issues that do not warrant a full return or replacement. It is a partial refund or discount given to the customer but does not serve as a guarantee against defects.

4. Promissory note: A promissory note is a financial instrument that contains a written promise by one party to pay another party a definite sum of money either on demand or at a specified future date. It is related to financial transactions and debt, not to guarantees against product defects.

Therefore, the correct answer is "Warranty" as it directly relates to the protection of a customer from product defects for a specified period of time.