HISTORY OF NATIONAL HOME WARRANTY DAY

The existence and value of warranties are historical. For instance, ‘Caveat Emptor,’ a Latin word meaning ‘Let the buyer be known,’ was protected by the common law as a contract. Warranties initially had a Privity Requirement meaning that taxes were levied only on those directly involved in the transaction. Still, the Privity Requirement was slowly resized to protect consumers, and then it was completely abandoned.

In the 1880s, warranty doctrines were expanded in the United States so that the quality and quantity of sold items would be characterized. Later in the 1900s, drink and food safety warranties were introduced, and later on, it was applied to most daily consumer products in 1964.

During this period, Tort Law was introduced when Sales laws in the United States were under the jurisdiction of the Uniform Commercial Code (UCC). Then came the Magnuson-Moss Warranty Act introduced in 1975 to enable consumers to read the warranties' content. In the 1980s, the Contract for the International Sales of Goods (CISG) was established and had similar directions and laws that would make the consumer more informed about the content of warranties.

The popularity of home warranties had increased largely by the late 1900s, and consumers were well protected against the high cost of repair of regular home-based equipment and systems. Much as the foundations of the National Home Warranty Day are not exactly known, it is believed to be 2-10 Home Buyers Warranty, a company providing home warranties and the first to create the National Home Warranty Day. Since then, it has been celebrated every year on February 10 to appreciate home warranties.