Personal and Family Finance-Chapter 6

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.

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.

Small Claims Court:

-A court that settles legal differences involving amounts 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.