Guarantee is usually a written promise or assurance that something is of specified quality, content, benefit, etc., or that it will perform satisfactorily for a given length of time
A Warranty is also a type of guarantee. This is given in writing to the buyer by the manufacturer or dealer that the manufacturer will make any repairs or replace defective parts free of charge for a stated period of time.
Thus warranty is not assurance that the product will in fact be good. This only promises that this will be repaired or replaced within a stated period.
Guarantee means you will get another item but warranty means you item will be serviced.
Replacement or repair in a stated period both are covered in a warranty. These days, there is only warranty and no guarantee. Guarantee means that the product must be of good quality and if not there would be compensation.
Yes recently I have purchased one cooler and it was defected. I reported and they replace it with a new one as it was in guarantee period.In warranty no replacement facility,only repaired.
Guarantee covers every single problem including manufacturing or technical fault within stipulated period with replacement while warntee covers only repair or visit of technical person to inspect it to bring to working condition.