Vocab 2

Implied warranty

The warranty of merchantability is implied, unless expressly disclaimed by name, or the sale is identified with the phrase "as is" or "with all faults." To be "merchantable", the goods must reasonably conform to an ordinary buyer's expectations, i.e., they are what they say they are.

Warranty of merchantability

The warranty of merchantability is implied, unless expressly disclaimed by name, or the sale is identified with the phrase "as is" or "with all faults." To be "merchantable", the goods must reasonably conform to an ordinary buyer's expectations, i.e., they are what they say they are.

Consent order

consent decree is an agreement or settlement to resolve a dispute between two parties without admission of guilt (in a criminal case) or liability (in a civil case) and most often refers to such a type of settlement in the United States.

Full warranty

coverage meets the federal minimum standards for comprehensive warranties, while "Limited Warranty" means the coverage does not. You must be able to demonstrate that any duties you impose are reasonable.

Cease and desist order

A cease and desist letter, also known as infringement letter or demand letter, is a document sent to an individual or business to halt purportedly unlawful activity ("cease") and not take it up again later ("desist").

Class action

A class action, class suit, or representative action is a type of lawsuit where one of the parties is a group of people who are represented collectively by a member of that group.

Disclaimer

A disclaimer is generally any statement intended to specify or delimit the scope of rights and obligations that may be exercised and enforced by parties in a legally recognized relationship.

Express warranty

An express warranty is a seller's promise or guarantee that a buyer relies on when they purchase an item. Under the federal Magnuson-Moss Warranty Act, a company must provide a written express warranty if a product is sold for more than $15

Unfair trade practice

An unfair trade practice consists of using various deceptive, fraudulent or unethical methods to obtain business. Unfair trade practices include misrepresentation, false advertising, tied selling and other acts that are declared unlawful by statute. It can also be referred to as deceptive trade practices

Limited warranty

As its name implies, a limited warranty is limited to just the specified parts, certain types of defects, or other conditions. But since it can mean virtually anything the retailer decides, it is important to fully understand the meaning of "limited" when buying such a product

Caveat emptor

Caveat emptor is a Latin term that means "let the buyer beware." Similar to the phrase "sold as is," this term means that the buyer assumes the risk that a product may fail to meet expectations or have defects

False and misleading advertising

State and federal laws are in place to protect consumers from false or misleading advertising. These laws make deceptive claims illegal. No business may make false, misleading, or deceptive claims about a product regarding its:

Encumbrances

a mortgage or other charge on property or assets.

Consumer

a person who purchases goods and services for personal use

Lottery

of raising money by selling numbered tickets and giving prizes to the holders of numbers drawn at random

Bait and switch

the action (generally illegal) of advertising goods that are an apparent bargain, with the intention of substituting inferior or more expensive goods

Restitution

the restoration of something lost or stolen to its proper owner

Caveat venditor

which means let the seller beware. The. person selling goods is accountable for providing information about the. goods to the seller. It is a counter to caveat emptor and suggests that.

Warranty

a written guarantee, issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary within a specified period of time.

Puffing

advertise with exaggerated or false praise.

Privity of contract

The doctrine of privity in the common law of contract provides that a contract cannot confer rights or impose obligations arising under it on any person or agent except the parties to it. The premise is that only parties to contracts should be able to sue to enforce their rights or claim damages as such.