Ch. 4 Business and Personal Finance

class-action suit

A legal claim on behalf of all the people who have suffered the same injustice

cooperative

A nonprofit organization owned and operated by its members

service contract

A separately purchased agreement by the manufacturer or distributor to cover the repair costs of the item is called?

warranty

A written guarantee from the manufacturer or distributor that specifies the conditions under which the prduct can be returned, replaced, or repaired.

small claims court

Deals with legal disputes involving amounts below a certain limit

arbitration

The process where a conflict between a customer and a business is resolved by an impartial third party whose decision is legally binding is called this

fraud

a dishonest business practice that is meant to deceive, trick, or gain an unfair advantage

open dating

describes the freshness or "shelf ife" of a perishable product, such as bread or milk

mediation

is the attempt by a neutral third party to resolve a conflict between a customer and a business through discussion and negotiation

impulse buying

means purchasing items on the spur of the moment