From The Collaborative International Dictionary of English v.0.48:

Warranty \War"rant*y\, n.; pl. Warranties. [OF. warantie, F.
   garantie. See Warrant, n., and cf. Guaranty.]
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   1. (Anc. Law) A covenant real, whereby the grantor of an
      estate of freehold and his heirs were bound to warrant and
      defend the title, and, in case of eviction by title
      paramount, to yield other lands of equal value in
      recompense. This warranty has long singe become obsolete,
      and its place supplied by personal covenants for title.
      Among these is the covenant of warranty, which runs with
      the land, and is in the nature of a real covenant. --Kent.
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   2. (Modern Law) An engagement or undertaking, express or
      implied, that a certain fact regarding the subject of a
      contract is, or shall be, as it is expressly or impliedly
      declared or promised to be. In sales of goods by persons
      in possession, there is an implied warranty of title, but,
      as to the quality of goods, the rule of every sale is,
      Caveat emptor. --Chitty. Bouvier.
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   3. (Insurance Law) A stipulation or engagement by a party
      insured, that certain things, relating to the subject of
      insurance, or affecting the risk, exist, or shall exist,
      or have been done, or shall be done. These warranties,
      when express, should appear in the policy; but there are
      certain implied warranties. --Bouvier.
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   4. Justificatory mandate or precept; authority; warrant. [R.]
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            If they disobey precept, that is no excuse to us,
            nor gives us any warranty . . . to disobey likewise.
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   5. Security; warrant; guaranty.
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            The stamp was a warranty of the public. --Locke.
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   Syn: See Guarantee.
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