Personal Finance Chapter 6

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

mediation

The attempt by an impartial third party to resolve a difference between two parties through discussions and negotiation

Arbitration

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

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 and a consumer to cover the repair costs of a product

Small claims court

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

Class-action suit

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