What is a guarantee issued by a manufacturer to repair or replace a product?

The correct answer is a warranty, which is a formal assurance given by a manufacturer or seller regarding the condition of a product. It typically promises that the product will perform as expected and establishes the manufacturer's responsibility for repair or replacement if it fails to meet those performance standards during a specified period. This assurance provides consumers with confidence in the quality and reliability of the product, knowing that they have recourse if issues arise.

Service plans and extended warranties are additional coverage options that may offer extended protection beyond the standard warranty. However, they are not the original guarantee provided at the time of purchase. A credit refers to a financial amount that can be used to offset future purchases, which does not relate to product guarantees or repair commitments.