Personal Finance Chapter 4

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small claims court

a court that deals with legal disputes that involve amounts below a certain limit

open dating

a labeling method indicating the freshness, or shelf life, of a perishable product, such as milk or bread

class-action suit

a legal action on behalf of all the people who have suffered the same injustice

legal aid society

a network of community law offices that provide free or low-cost legal assistance

cooperative

a nonprofit organization owned and operated by its members for the purpose of saving money on the purchase of goods and services

rebate

a partial refund of the price of a product

Social factors obviously affected Fran's choice of backpack if the pack is

a popular style

down payment

a portion of the total cost of an item that must be paid at the time of purchase

arbitration

a process whereby a conflict between a customer and a business is resolved by an impartial third party whose decision is legally binding

An implied warranty guarantees that

a product is fit for its intended use

service contract

a separately purchased agreement by the manufacturer or distributor to cover the costs of repairing the item

warranty

a written guarantee from the manufacturer or distributor that states the conditions under which the product can be returned, replaced, or repaired

The settlement of a differences by a third party whose decision is legally binding is called

arbitration.

A disagreement over an amount less than $500 is generally handled

by the small claims court.

fraud

dishonest business practices that are meant to deceive, trick, or gain an unfair advantage

Before you shop, you should

identify your need

Direct selling includes all the following kinds of shopping except: a) mail order b) telephone sales c) mall d) online

mall

Product labels for appliances generally include

operating instructions

impulse buying

purchasing items on the spur of the moment

You should most likely negotiate the price for

purchasing something expensive such as a car.

Comparison shopping is a waste of time when buying an item such as

salt

When you are dissatisfied with a product and are seeking satisfaction, your last resort should be

taking legal action in small claims court

mediation

the attempt by a neutral third party to resolve a conflict between a customer and a business through discussion and negotiation

unit pricing

the use of a standard unit of measurement to compare the prices of packages that are different sizes


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