Chapter 4

Two forms of express warranty

Full and limited

Send three things for rebate

Rebate Form Original Sales Receipt Barcode from package

Resolving differences between buyers and sellers

Return to the place of purchase Contact company head quarters Consumer agency assistance- govt agencies Dispute resolution

Common Types of Fraud

Telephone, mail scams, travel packages

Class-Action Suit

a legal action on behalf of all the people who have suffered the same injustice

Cooperative

a nonprofit organization owned and operated by its members

Rebate

a partial refund of the price of a product

Down Payment

a portion of the total cost of an item that must be paid at the time of purchase

Service Contract

a separately purchased agreement by the manufacturer or distributor to cover the costs of repairing the item

Credit

an arrangement to buy something and pay for it later

Implied Warranty

an unwritten guarantee that cover certain aspects of a product or its use

Small Claims Court

deals with legal disputes that involve amounts below a certain limit

Open Dating

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

Two types of warranties

express and implied

Fraud

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

Warranty

is a written guarantee from the manufacturer or distributor that specifies the conditions under which the product can be returned, replaced, or repaired

Impulse Buying

means purchasing items on the spur of the moment

Full warranty

states that a defective product can be fixed or replaced during a reasonable amount of time

Mediation

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

Arbitration

the process where a conflict between a consumer and a business is resolved by an impartial third party whose decision is legally binding

Unit Pricing

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

A disagreement over an amount less than $500 is generally handled

through a legal aid society

When you are dissatisfied with a product and are seeking satisfaction, your last resort should be

using a dispute resolution program

Express Warraanty

usually written