Personal Finance Chapter 4
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
