Personal Finance - Chapter 8

Mediation

The attempt by an impartial third party to resolve a difference between 2 parties through discussion & negotiation.

Arbitration

The settlement of a difference by a third party whose decision is legally binding.

Impulse Buying

Unplanned buying.

Small Claims Court

A court that settles legal differences involving amounts below a set limit & employs a process in which the litigants usually do not use a lawyer.

Class-Action Suit

A legal action taken by a few individuals on behalf of all the people who have suffered the same alleged injustice.

Legal Aid Society

One of a network of publicly supported community law offices that provide legal assistance to consumers who cannot afford their own attorney.

Unit Pricing

The use of a standard unit of measurement to compare the prices of packages of different sizes.

Cooperative

A nonprofit organization whose member-owners may save money on certain products or services.

Rebate

A partial refund of the price of a product.

Warranty

A written guarantee from the manufacturer or distributor of a product that specifies the conditions under which the product can be returned, replaced, or repaired.

Service Contract

An agreement between a business & a consumer to cover the repair costs of a product.

Open Dating

Information about freshness or shelf life found on the package of a perishable product.