yeah they'll honor the warranty. they have to - the tool was sold with it, so that'* the law. if they try to say otherwise, just kindly inform them that you'll be talking to the BBB at the start of the following business day.
and if they start giving you crap about a broken ratchet, make sure you break it really really really bad before you take it in.
if i ever have a sears person tell me that my tool warranty that came with the tool when i bought it wasn't any good, i wouldn't leave the store until i had a brand new one in my hands, delivered by the manager on duty.
96 LeSabre (L36)
95 Olds LSS (L67)