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A warranty of a product specifically addresses the performance of that product concerning claims made by the seller. It serves as a guarantee that the product will function as promised and meet certain standards and specifications for a defined period. This means that if the product fails to perform as stated, the warranty provides the consumer with recourse, such as repair, replacement, or a refund. This legal assurance creates trust between the seller and the consumer, as it reflects the seller's commitment to the quality and reliability of the product.

The other options do not accurately capture the purpose of a warranty. While customer satisfaction is important, it is a broader concept and not specifically tied to the legal promises made about a product's performance. The cost of production versus retail price is more related to the business strategy rather than the warranty itself. Lastly, the popularity of a product deals with market dynamics and consumer demand, rather than the guarantee that accompanies a product’s performance.