What two terms are used for specific promises ca company makes about the performance of its product?

Warranty and Guarantee

Explanation:

A warranty is a promise by a seller or a producer to the buyer that product on offer will function as expected. The seller vows on the quality and integrity of the product. A warranty assures the buyer that conditions such a quality, lifespan, and functionality will be met. The seller promises to undertake repairs or replace the product at no extra cost if it fails within a specific duration.

In the warranty, the seller makes a promise, but in the guarantee, the seller agrees or confirm that they will either repair or make replacement should the product malfunction. A guarantee is therefore, a reaffirmation of the product's warranty.