EXACT DIFFERENCE BETWEEN "GUARANTEE AND WARRANTY"

Hi,

I just want to know exact difference between "Guarantee" and "Warranty" .

As per my knowledge...........Guarantee means a promise to return the payment back if product found defective and Warranty means replacement if product found defective.

plz answer regarding both general custom of Trade and definitions given in law............moreover plz give reference to the respective law or section

plz clarify with explanation and reference.

Thanks & Regards,