Some time ago I bought a Popular Mechanics 1/2" ratchet from Walmart. The item was suppose to have a life time warrenty. Well it broke and I took it in for exchange. I found that they no longer carried the brand. They did have a very similar item from Stanley also with a lifetime warrenty. They would not do an exchange.
They also told me that they will only do an exchange or refund on ANYTHING within 90 days of the sale. Anything after that you have to deal directly with the manufacture.
Now I know one more reason to shop Meijer or better yet COSTCO.