Personal Finance Chapter 8

small claims court

a court that settles legal differences involving amount below a set limit and 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

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 and 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

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 discussion and negotiation

arbitration

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

unit pricing

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

impulse buying

unplanned buying