I'm (thankfully) not intimately familiar with the details but, yes, 48 hours is all you get for a quick and easy return to the vendor. In California, where I am, there is a so-called "lemon law" for appliances and it places the burden on the manufacturer. I don't think it mandates any particular length for the warranty though it does have provisions requiring buy backs under certain conditions.

When LG bought my fridge back the original warranty had expired a day prior and things were being handled under the terms of the extended warranty my landlady bought.