Personal Finance - Chapter 8
Mediation
The attempt by an impartial third party to resolve a difference between 2 parties through discussion & negotiation.
Arbitration
The settlement of a difference by a third party whose decision is legally binding.
Impulse Buying
Unplanned buying.
Small Claims Court
A court that settles legal differences involving amounts below a set limit & 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.
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.
Unit Pricing
The use of a standard unit of measurement to compare the prices of packages of different sizes.
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 & 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.