Personal Finance 4.1-4.2

Mediation

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

Small claims court

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

Class-action suit

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

Rebate

a partial refund of the price of a product.

Down payment

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

Arbitration

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

Service contract

a separately purchase agreement by the manufacturer or distributor to cover the cost 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.

fraud

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

Open dating

indicates the freshness or "shelf life" of a perishable product.

Cooperative

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

Legal aid society

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

Impulse buying

purchasing item on the spur of the moment.

Unit pricing

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